Americans are having a tougher time than ever making their mortgage payments, according to a survey just released by the Mortgage Bankers Association. Its data show that a record 1.23% of mortgages, or some 640,000 loans, are in foreclosure--with the lender moving to take the home from the borrower. That's not only a significant jump over the 1% of loans in foreclosure last year at this time, but it's the highest rate in 30 years of record keeping.
What's behind the leap? There's the slumping economy, of course. When unemployment rises, late payments aren't far behind. But Mortgage Bankers Association...
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