@ Rate of new foreclosures up to over 10% a month
@ The percent of late mortgage payments in 3rd quarter rose for first time since the end of 2009
Nearly 30 percent of American homeowners owe more on their mortgages than their homes are worth, according to a new report from the real estate website Zillow and the defaults and foreclosures are likely to increase as homeowners decide to walk away from their houses to rather than continuing to make mortgage payments on property they can't sell or refinance, analysts said.
@ The percent of late mortgage payments in 3rd quarter rose for first time since the end of 2009
Nearly 30 percent of American homeowners owe more on their mortgages than their homes are worth, according to a new report from the real estate website Zillow and the defaults and foreclosures are likely to increase as homeowners decide to walk away from their houses to rather than continuing to make mortgage payments on property they can't sell or refinance, analysts said.
The Forecloses are already twice what they were this time last year and the number of homeowners who have not made a mortgage payment in at least two months rose for the 1st time since 2009 in uncharted waters to more than one in four homes underwater and about 9 percent unemployment is a recipe for more foreclosures, Zillow chief economist Stan Humphries told MSNBC.com and the increase in the number of houses underwater from 21 to 23 percent a year ago is the result of a backlog in foreclosures, Humphries said.
Last year, banks were accused of foreclosing on houses by 'robo-signing' the paperwork and zillow also found that home values continued to drop, down 4.4 percent from this time last year for a gainsville, Fla., Mobile, Ala., and Rano, Nev., had the biggest declines to foreclosures on delinquent mortgages have almost doubled from this time last year, according to the latest reading from Fitch Ratings that is almost double the historical lows from a year ago, and is close to the 14 percent average rate between 2000 and 2010.
Last year, banks were accused of foreclosing on houses by 'robo-signing' the paperwork and zillow also found that home values continued to drop, down 4.4 percent from this time last year for a gainsville, Fla., Mobile, Ala., and Rano, Nev., had the biggest declines to foreclosures on delinquent mortgages have almost doubled from this time last year, according to the latest reading from Fitch Ratings that is almost double the historical lows from a year ago, and is close to the 14 percent average rate between 2000 and 2010.
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