Rancho Mesa Properties
  Welcome to Rancho Mesa Properties Rancho Mesa Properties for Rent
  About rancho Mesa Properties Rancho Mesa Properties News You Can Use
  Management Rancho Mesa Properties Agent Login
  Rancho Mesa Properties Tenant Services Contact Rancho Mesa Properties
 Rancho Mesa Properties •  4550 Kearny Villa Road, Suite #111  •  San Diego, CA 92123  •  (866) 328-3800
Mortgage data show 8.8% are in trouble

Posted on Jun 6, 2008

Home-loan default rates, foreclosures rising fast

By Vikas Bajaj and Michael M. Grynbaum
NEW YORK TIMES NEWS SERVICE

June 6, 2008

About one in 11 American mortgages was past due or in foreclosure at the end of March, according to a report released yesterday, a figure that is rising fast as home prices fall and the job market weakens.

The first three months of 2008 marked the worst quarter for American homeowners in nearly 25 years, according to the report issued by the Mortgage Bankers Association. The rate of new foreclosures and past-due payments surged to their highest level since 1979, when the group started collecting the data.

All told, about 8.8 percent of home loans were past due or in foreclosure, or about 4.8 million loans. That is up from 7.9 percent at the end of December. About a third of American homeowners do not have mortgages.

Read More:http://www.signonsandiego.com/uniontrib/20080606/news_1b6foreclose.html
Copyright © . All Rights Reserved.