12 pct. are behind on mortgage or in foreclosure
NEW YORK - An industry survey shows a record 5.4 million American homeowners with a mortgage, or nearly 12 percent, were either behind on their payments or in foreclosure at the end of last year.
The Mortgage Bankers Association said Thursday the percentage of loans at least a month overdue or in foreclosure was up from 10 percent in the July-September quarter and up from about 8 percent a year earlier.
The sharpest increases in loans 90-days past due were in Louisiana, New York, Georgia, Texas and Mississippi, reflecting a spreading recession and massive job losses nationwide.
The report also showed the delinquency rates for fixed-rate mortgages climbed in the fourth quarter, another sign that layoffs are taking a toll on homeowners.
http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/states_foreclosures
The Mortgage Bankers Association said Thursday the percentage of loans at least a month overdue or in foreclosure was up from 10 percent in the July-September quarter and up from about 8 percent a year earlier.
The sharpest increases in loans 90-days past due were in Louisiana, New York, Georgia, Texas and Mississippi, reflecting a spreading recession and massive job losses nationwide.
The report also showed the delinquency rates for fixed-rate mortgages climbed in the fourth quarter, another sign that layoffs are taking a toll on homeowners.
http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/states_foreclosures