That’s up from 6.99 percent in the third quarter of 2008 and 5.82 percent in the fourth quarter of 2007, a new record high and quarter-to-quarter jump.
The delinquency rate doesn’t include loans already in foreclosure, which increased 33 basis points to 3.30 percent at the end of the fourth quarter, up from 2.04 percent a year ago.
That means a staggering 11.18 percent (seasonally adjusted) of mortgages outstanding are either late or in foreclosure.
The percentages of loans 60 days and 90 days or more past due, as well as loans in foreclosure, all set new record highs during the quarter.
Question:
Where are all these people going after they move out of their homes? To apartments? These days you have to have good credit to rent don’t you? Any if they can’t pay their mortgage how do they pay for an apartment?
Hmm. Sounds like a whole lot of community reinvesting has been going on.