THE ONCE GREAT ENGINE OF THE U.S. ECONOMY MUST HAVE SLUNG A ROD BECAUSE:Mortgage Delinquencies, Foreclosures Break Records

GREETINGS,

I WANT YOU TO THINK FOR A SECOND. A FEW YEARS AGO IT WAS BRAGGED ABOUT BY GOVERNMENT OFFICIALS,ECONOMISTS,INVESTORS,REAL ESTATE AGENTS(BROKERS INCLUDED),MORTGAGE LENDERS,AND EVERYONE FROM A TO B THAT THE REAL ESTATE MARKET WAS THE ECONOMIC ENGINE THAT WAS THE FORCE DRIVING THE GREAT U.S. ECONOMY. TODAY YOU DON’T HEAR THAT MUCH. WHY NOT?

  COULD IT BE THAT THE GREAT FORCE OR ECONOMIC ENGINE THAT WAS DRIVING AMERICA’S PROSPERITY SLUNG A ROD AND LOCKED UP KILLING THE CAR? I DON’T KNOW. I WAS JUST MAKING AN EDUCATED GUESS.BUT HERE IS WHAT OTHERS ARE SAYING; ” Mortgage Delinquencies, Foreclosures Break Records

By ALAN ZIBEL
AP Real Estate Writer

May 19, 2010 “AP

Analysts expect improvement soon, but the number of homeowners in default or at risk of foreclosure will have a lingering effect on the broader economy.

More than 10 percent of homeowners had missed at least one mortgage payment in the January-March period, the Mortgage Bankers Association said Wednesday. That’s a record high and up from 9.5 percent in the fourth quarter of last year and 9.1 percent a year earlier.

A big jump in the number of borrowers who have missed three months of mortgage payments drove the increase.

There was one encouraging sign: The number of homeowners just starting to show trouble is trending downward as the economy improves. As of March, nearly 3.5 percent of homeowners had missed one month of mortgage payments, down from about 3.8 percent a year earlier…..MORE OF THE ARTICLE HERE

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