The number of homeowners either in default or at risk of foreclosure will have a broader effect on the overall economic recovery. More than 10% of homeowners have missed at least one payment during the January-March timeframe. That double-digit number represents a new high, up from 9.1% a year ago. The biggest factor in that high number is the amount of borrowers who missed three months of payments. In total, 4.3 million Americans are at risk of losing their homes. One encouraging figure is the number of homeowners just starting to show trouble is decreasing, down .3%. Many agree that the government's $75 billion foreclosure prevention program barely made a dent in the overall problem. The scariest part of all this? Homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures - accounting for nearly 37% of all new foreclosures,up from 29 percent a year ago.
Economic woes, such as unemployment or reduced income, are the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. But homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures. earlier.
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American Eagle Realty
www.american-eagle-realty.com
502-969-1801
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