Drudge Report: Foreclosures at Record Pace
From Yahoo News, via the Drudge Report:
Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to record levels as borrowers with tarnished credit histories had trouble keeping up with monthly payments.
The latest snapshot of the mortgage market stoked Wall Street investors’ worries about troubles facing “subprime” lenders who make loans to people with poor credit. The Dow Jones industrials tumbled 242.66 points.
The percentage of mortgages that started the foreclosure process in the final quarter of last year rose to 0.54 percent, a record high. The previous high, 0.50 percent, occurred in the second quarter of 2002 as the economy was recovering from the blows of the 2001 recession.
When I read mortgage information, sometimes my mouth gets dry and my eyes start to glaze over. Here’s why this story is important to you and me: Read more »
