Summary Box: Foreclosures break record for 9th straight quarter, hit 14 percent nationwide
By APThursday, November 19, 2009
Summary Box: Foreclosures surge
FORECLOSURES RISE: The Mortgage Bankers Association reported that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. That was a record-high figure for the ninth straight quarter.
UNEMPLOYMENT PROBLEM: Rising unemployment is driving the foreclosure crisis. More and more fixed-rate home loans made to people with good credit are sinking into foreclosure. That’s a shift from last year, when riskier subprime loans were the main problem.
TROUBLE AHEAD: After three years of plunging prices, the housing market started to rebound this summer. But analysts say there are too many foreclosed homes that have yet to be put up for sale. They expect further price declines.
