Rising Number of Homeowners in Trouble

This from the Wall Street Journal:

A survey showed that one in 10 American households with mortgages is overdue on payments or in foreclosure, adding pressure on Washington to provide more relief to distressed borrowers.

The Mortgage Bankers Association said its latest survey, released Friday, showed that 10% of mortgages on one- to four-family homes were at least a month overdue or in the foreclosure process in the third quarter. That is up from 9.2% three months earlier and 7.3% a year ago. The current level is the highest since the trade group began such surveys.

This is not a good sign. More people will lose their homes, which will drives prices down even more, which will leave even more people financially desperate and unable to sell.

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