One in 8 U.S. Households Late Paying or in Foreclosure
March 5th, 2009Via: Reuters:
About one in every eight U.S. households, a record share, ended 2008 behind on their mortgage payments or in the foreclosure process as job losses intensified a housing crisis spawned by lax lending practices, the Mortgage Bankers Association said on Thursday.
With unemployment at a 16-1/2-year high and rising, more borrowers will be late paying or fall into foreclosure this year, said the group’s chief economist Jay Brinkmann.