More Than 5 Million Home Loans In Distress in 1st Quarter
According to the Mortgage Bankers Association a reported record of 5.4 million US home loans were in distress in the first quarter of this year. That means 12.07 percent of all loans were delinquent or facing foreclosure procedures, The New York Times reported. In the fourth quarter of 2008, 11.93 percent of all mortgages were in distress.
“It does not appear the level of mortgage defaults will begin to fall until after the employment situation begins to improve,” said Jay Brinkmann, the association’s chief economist.
Tags: 1st quarter, distressed home loans