Delinquent Mortgages, Foreclosures Hit Record High - washingtonpost.com

Delinquent Mortgages, Foreclosures Hit Record High - washingtonpost.com.

About 12.07 percent of mortgage loans were delinquent or in the foreclosure process during the first quarter, according to the survey by the Mortgage Bankers Association, an industry group. That is the highest ever recorded by the survey, which dates back to 1972. The figure reflects an 8 percent increase compared to the first quarter of 2008.

“The original delinquency and foreclosure problems had a lot to do with loan terms - the toxic mortgages with interest rates that reset higher,” said Nicholas Retsinas, the director of Harvard’s Joint Center for Housing Studies. “Now we’re back to the more traditional reasons why loans go bad. If people don’t have jobs, they can’t pay their mortgages.”

On the other hand if you do have a job then now is the time to buy property or refinance. We are trying to do a 4.75 15 year now that will save us $400 a month!  “The rich get richer. The poor get the picture. The bombs never hit you when you’re down so low…”