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

July 25, 2008 12:09:01 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Home Foreclosures Hit Record

Posted Jun 14, 07 3:16 PM CDT in Business,  US 

(Newser) – 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.

The sluggish pace of the economy is causing real estate values to plummet, making it difficult for mortgage owners who miss payments to sell their homes and stave off foreclosure. The median home price may fall this year for the first time since the Great Depression, says a realty economist. Ohio contributed the biggest share of foreclosures at 1.07%, followed by Indiana and Michigan.

Source Bloomberg

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
A for sale sign stands outside an existing single-family home that sits unsold in east Denver neighborhood on Tuesday, May 22, 2007. Sales of existing homes fell by a larger-than-expected amount in April...   (Associated Press)
A for sale sign stands outside a modest bungalow on the market in southeast Denver on Monday, May 7, 2007. Sales of existing homes fell by a larger-than-expected amount in April while the median price...   (Associated Press)
A sign stands outside an existing home for sale that is lingering on the market in an east Denver neighborhood on Tuesday, May 22, 2007. Sales of existing homes fell by a larger-than-expected amount in...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 1)

Tags

US economy  • subprime mortgages  • foreclosure  • mortgage  • Michigan  • Ohio  • real estate  • Indiana  • borrowers  • homes  • economic growth  • Mortgage Bankers Association  • Great Depression


Loading...

Loading...

Today's Most Popular


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 »