Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 17, 2008 12:37:04 AM CDT

Learn about Newser Points »

Back to the grid

Foreclosures Soar in Q4  

Posted Mar 6, 08 1:55 PM CST in Business,  US    Most Covered

(newser) – Home foreclosures and mortgage delinquency in the US saw record highs in the last three months of 2007. Reuters reports that 0.83% of US loans entered foreclosure in the fourth quarter, close to double the 0.54% of the same period in 2006. Mortgage delinquency hit 5.82%, the highest since 1985 and a percentage point higher than the year-ago period.

Most mortgage classes saw increasing failure, but subprime loans led the pack with a delinquency rate of 17.31%. Many had worried that a rise in interest rates on adjustable-rate, subprime mortgages would spur increased failure, but a Mortgage Bankers Association rep blames the borrowers’ poor credit: "The current delinquencies are due to credit quality rather than resets."

Source Reuters

open commentscomments (0)

Editor Recommended

2008's foreclosure stats aren't looking any better
Bloomberg | Feb 26, 08

Bernanke to lenders: reduce principle to prevent foreclosure
Wall Street Journal | Mar 5, 08

Homeownership may worsen the current slump
New Yorker | Mar 10, 08

Calls for additional mortgage solutions grow
MSNBC | Mar 6, 08

Mortgage association says foreclosure situation is 'the worst it's been'
Associated Press | Mar 6, 08

Related News

  • Bush Readies Mortgage Bailout

    Mar 29, 08 6:48 AM CDT
    Homeowners facing foreclosure could soon be getting a helping hand from the Bush administration, the Washington Post reports. Details are being finalized on a plan that would see portions of loans forgiven for people who now owe the bank more money than their house is worth. The remainder would be refinanced into smaller mortgages backed by public funds. More »

  • Commercial Real Estate Will Slow, Not Tank

    Mar 10, 08 9:18 AM CDT
    Commercial Real Estate Will Slow, Not Tank The commercial real estate market has slowed dramatically, but won’t rival the housing implosion, reports the Wall Street Journal. Prices will likely fall just 20%, compared with 40%-plus for homes in some markets, and commercial property owners—unlike record numbers of homeowners facing foreclosure—have largely been able to keep mortgages current. More »

  • Asian Stock Markets Dive

    Mar 7, 08 6:07 AM CST
    Asian Stock Markets Dive Japan’s Nikkei fell 3.3% and Australia’s S&P/ASX2000 dropped 3.2% as woeful US economic news—including rising foreclosures, worsening homeowner debt and impending credit defaults—sent Asian markets reeling, the Associated Press reports. Investors also worried that a key jobs report to be released this morning would show a rise in US unemployment, which would further hurt already depressed Asian exports. More »

  • Negative Equity Adds Another Crippling Factor

    Jan 31, 08 6:45 PM CST
    Negative Equity Adds Another Crippling Factor Foreclosure is scary enough, especially at its current pace—79% more US homes foreclosed in 2007 than the year before. But, Forbes writes, the housing crisis is dumping an even scarier problem on mortgage holders around the country: negative equity, in which a mortgage is worth more than the house for which it was borrowed. More »

  • Home Foreclosures Hit Record

    Jun 14, 07 3:16 PM CDT
    Home Foreclosures Hit Record Home foreclosures hit a record high in first-quarter 2007 as more subprime borrowers failed to make their mortgage payments. The number of mortgages entering foreclosure spiked four basis points to 0.58% and over 2.4% of subprime mortgage holders defaulted, up from 2% last quarter, according to a report released yesterday by the Mortgage Bankers Association. More »

Foreclosures Soar in Q4
Counselor Jose Trevino fills out paperwork for a family at a seminar for families facing foreclosure in Stockton, Calif., Saturday, Dec. 1, 2007. (AP Photo/Marcio Jose Sanchez)   (Associated Press)
Foreclosures Soar in Q4
A foreclosure sign tops a sale sign outside an existing home on the market in northwest Denver in this photograph taken on Wednesday, Aug. 29, 2007. (AP Photo/David Zalubowski)   (Associated Press)
Foreclosures Soar in Q4
A foreclosure sign is seen atop a sale sign for a house in Stockton, Calif., Saturday, Dec. 1, 2007. Home foreclosures soared to an all-time high in the final quarter of last year and are likely to keep...   (Associated Press)
prev   next
play

Threads (1 of 3)

Tags

credit crisis  • housing crisis  • foreclosure  • mortgage  • Mortgage Bankers Association  • mortgage delinquency


Loading...

Loading...

Related Threads: Housing Market, Subprime Collapse, Is It Recession?

Next story from this section »

Today's Most Popular

Loading...

Other US Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »