Mortgage delinquencies and foreclosures are what got us into this mess, and mortgage delinquencies and foreclosures look like they are going to keep us in this mess for a while longer. Even with all of the talk from the U.S. Congress and the FDIC to do something to help homeowners who are upside down in their mortgages, you have to sit back and ask yourself..."Can they really do anything to stem the tide if 1 in 10 people is either behind on mortgage payments or is in foreclosure?"

According to Bloomberg:

One in 10 American homeowners fell behind on mortgage payments or were in foreclosure during the third quarter as the world’s largest economy shed jobs and real estate prices tumbled.

 

The share of mortgages 30 days or more overdue rose to a seasonally adjusted 6.99 percent while loans already in foreclosure rose to 2.97 percent, both all-time highs in a survey that goes back 29 years, the Mortgage Bankers Association said in a report today. The gain in delinquencies was driven by an increase of loans with payments 90 days or more overdue.

 

“Until we see a turnaround in the job situation, we’re not going to see these numbers improve,” said Jay Brinkmann, chief economist of the Washington-based bankers group, in an interview. “We’re seeing more loans build up in the 90-days bucket as lenders work to modify loans and states put in place programs that delay foreclosures.”

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3.25 Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."