Here’s your daily depressing mortgage news — as employers shed jobs mortgage delinquencies are rising — intensifying and spreading the mortgage crisis.
The Mortgage Bankers Association told Reuters:
With unemployment at a 16-1/2-year high and rising, more borrowers will be late paying or fall into foreclosure this year, said the group’s chief economist Jay Brinkmann.
“While California, Florida, Nevada, Arizona and Michigan continue to dominate the delinquency numbers, some of the sharpest increases we saw last quarter in loans 90 days or more delinquent were in Louisiana, New York, Georgia, Texas and Mississippi, signs of the spreading impact of the recession,” he said.
One in 8 US households late paying or in foreclosure [Reuters]