Tardy mortgages, defaults set a record
Published: Sat, Sep. 06, 2008 12:30AM
Modified Sat, Sep. 06, 2008 01:42AM
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closeWASHINGTON -- The Mortgage Bankers Association said Friday that more than 4 million American homeowners with a mortgage -- a record 9 percent -- were either behind on their payments or in foreclosure at the end of June.
As the economy falters and home prices keep falling, concern is building about a second wave of mortgage defaults flooding the market through 2010.
A drop in income -- whether through a lost job, divorce, death of a spouse or health problems -- is the No. 1 reason people fall behind on their mortgages and lose their homes. The latest quarterly figures broke records for late payments, homes entering the foreclosure process and for the inventory of loans in foreclosure.
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