All this talk about an improving economy, yet mortgage delinquencies – which started this mess – just hit yet another record high, the Mortgage Bankers Association reported today.
Click here to read the details in MBA’s report. More than 13% of Americans with mortgages are either in foreclosure or headed that way, being behind in their payments. To reiterate: This is the highest figure the MBA has EVER reported.
The good news is that MBA reports a decrease in subprime and adjustable-rate mortgage defaults. But now we have rising foreclosures on traditional loans thanks to rising unemployment.
Forget what you may hear about the end of the recession.
Even if we get government-spending-induced growth in the third quarter, as many economists predict, we’ve got double-digit unemployment and plummeting housing values. For most of us, it will still feel like a deep economic malaise no matter what they say.