Tags: Home | Loans | Bad | Faster | Modified

Home Loans Going Bad Faster Than They’re Being Helped

Monday, 22 Mar 2010 08:39 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The number of mortgage loans going bad outpaces the number of loans being modified through mortgage-relief efforts.

That’s bad news for the housing market.

The Lender Processing Services group’s Mortgage Monitor shows that the number of loans that are delinquent or in the process of being foreclosed totals 7.5 million, CNBC reports.

Loans that were current as of Jan. 1, 2009, but turned 60 days or more delinquent as of Jan. 1, 2010, totaled 2.5 million.

That 2.5 million figures compares to the 2 million mortgages that have been modified through relief efforts including the government’s ballyhooed Home Affordable Modification Program.

So loans are going bad at a 25 percent faster pace than they’re being fixed.

In addition, the lender group report says that the modification is causing the mortgage resolution process to slow down, so that problem loans are growing and stagnating.

Of loans that have been delinquent for at least six months, 31 percent aren’t yet in foreclosure. And that’s also true for 22.8 percent of loans delinquent for at least 12 months, the report says.

Experts have mixed views on the housing sector now, with some viewing the glass as half empty and others as half full.

The Federal Reserve, in its latest statement on interest rates, wrote “housing starts have been flat at a depressed level.”

It also notes that consumer spending is still constrained by “lower housing wealth.”

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

George P. Bush: I'm Not Endorsing Anyone in 2016 Race

Saturday, 20 Sep 2014 18:45 PM

George P. Bush is not endorsing anyone for the White House in 2016, even if his father, former Florida Gov. Jeb Bush, be . . .

House Republicans Hire New Attorney for Obama Lawsuit

Saturday, 20 Sep 2014 17:15 PM

House Republicans Friday signed a contract with a new attorney torepresent them in their lawsuit against President Barac . . .

Abbott, Davis Face Off in First Gubernatorial Debate

Saturday, 20 Sep 2014 13:39 PM

Texas state Sen. Wendy Davis and state Attorney General Greg Abbott each scored points Friday in their first gubernatori . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved