• Font Size    

Popular Slideshows On CBS11TV.COM

Recent Celebrity Deaths
E-mail

Close Window E-mail This Page

More Americans Behind On Mortgages Than Ever

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
May 28, 2009 12:45 pm US/Central

More Americans Behind On Mortgages Than Ever

 Timeline: U.S. Credit Crunch & Financial Failures

WASHINGTON (CBS) ― An industry report shows that a record 12 percent of U.S. homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.

The Mortgage Bankers Association said Thursday the foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

At the same time, almost half of all adjustable-rate loans to borrowers with shaky credit were past due or in foreclosure.

California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country.

Meanwhile, new U.S. home sales were almost flat last month, indicating that the housing market's recovery will likely be a slow and gradual process.

The Commerce Department said Thursday that sales rose 0.3 percent in April to a seasonally adjusted annual rate of 352,000. But the increase came from a downwardly revised rate of 351,000 in March.

April's results missed the expectations of economists surveyed by Thomson Reuters, who expected a sales pace of 360,000 units.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Got Something To Say?

© MMIX, CBS Stations Group of Texas L.P. All Rights Reserved.