Mortgage woes break records again in 4Q

AP via Yahoo News ^ | 3/5/09 | J.W. Elphinstone, AP RE Writer

[Wolfstar]

NEW YORK – A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data Thursday showed.

But that's not the worst of it.

The reckless lending practices in states like Florida, California and Nevada that were the epicenter of the housing crisis are no longer driving up the nation's delinquency rate. Instead, the foreclosure crisis now is being fueled by a spike in defaults in states like Louisiana, New York, Georgia and Texas, where the economies are rapidly deteriorating and thousands are losing their jobs.

[Wolfstar]

A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported.

[quikdrw]

So what does that mean for the homeowners who are not behind?

[SouthTexas]

And those of us that have already paid for our house will now get to pay for everyone else!

[pierrem15]

It means we all have free membership in the “Chumps Club”.

[EGPWS]

So what does that mean for the homeowners who are not behind?

BOHICA.

[EGPWS]

And those of us that have already paid for our house will now get to pay for everyone else!

From those who have to those who have not.

[jiggyboy]

It means stick your head back in the sand. The economy is doing fine.

[Wolfstar]

So what does that mean for the homeowners who are not behind?

The article goes on to say that employers "continue to shed labor at a frightening pace, with no end in sight." And it says that factory orders slipped for the 6th month in a row in January.

So the answer to your question is obvious. Economic news is drastic across the board, and that will eventually affect everyone to some degree. So count your blessings that you can still pay your mortgage on time.

[EGPWS]

The economy is doing fine.

Whew, I was worried there for a bit....

[Wolfstar]

And those of us that have already paid for our house will now get to pay for everyone else!

Even though your mortgage may be paid in full, this drastic economic downturn will affect you in other ways.

[scooby321]

Zero really has no clue what he is doing. Inflation is coming bigtime. Health care conference today. Union Bailout tonight. Screw America

[EGPWS]

A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported.

I can't pay my mortgage, now give me the money!

Just a thought....

[EGPWS]

Zero [peanut farmer] really has no clue what he is doing. Inflation is coming bigtime. Health care conference today. Union Bailout tonight. Screw America

Deja Vu....

[jersey117]

And those of us that have already paid for our house will now get to pay for everyone else!

SO they can default 3 months down the line. Someone has to stop the madness!

[Age of Reason]

So what does that mean for the homeowners who are not behind?

Or to future home buyers--where's our 2% mortgages?

[Age of Reason]

Even though your mortgage may be paid in full, this drastic economic downturn will affect you in other ways.

And you think wasting money on bailing out idiots will stop it? LOL.

[Age of Reason]

SO they can default 3 months down the line. Someone has to stop the madness!

Trying to repair the economy by with bailouts . . . is like trying to repair a house by driving more nails into its rotting timbers.

[Wolfstar]

And you think wasting money on bailing out idiots will stop it? LOL.

How does my saying that this drastic economic downturn will affect people in other ways even if their mortage is paid in full translate into you thinking the above?

[RockinRight]

Inflation would at least help consumers pay off debt.

[servantoftheservant]

Only if salaries inflate at the same rate as prices.