Record 10% of U.S. homeowners in arrears or foreclosure

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Submitted by rocket science on December 6, 2008 - 1:13pm

http://www.latimes.com/business/la-fi-fo...

At first glance, California's troubles seem little different from those anywhere else, because just under 7% of borrowers in both California and the nation are behind on payments. But Brinkmann said a clearer picture emerges when you compare the number of newly delinquent loans in one quarter with the number of loans entering the foreclosure process the following quarter.

That foreclosure "roll rate" was about 10% to 12% nationally in the 1990s and ran from 12% to 15% for most of this decade, Brinkmann said. The percentage is now 30% nationally but has reached 79% in California and 65% in Florida, he said.

‹ Modified Loans Often Lead Homeowners Back to Trouble Gov't to target 4.5% for mortgages ›
"It's absolutely
Submitted by cr on December 8, 2008 - 4:19pm.

"It's absolutely counterproductive," he said, "to try and prop up prices."

Tell that to the Gov't.