Saturday, 11 December 2010
US mortgage delinquencies - the horror continues
There are now 2.5 million American mortgages in foreclosure. The Home Affordability and Stability Program has slowed the pace of eviction. However, the number of mortgages in arrears over 90 days continues to rise remorselessly.
With the army of distressed home owners growing remorselessly, the US property market has yet to trace out a bottom. House prices are down 30 percent from their peak, and continue to slide southwards.
Behind this chart is a mountain of misery. The vast majority of those foreclosures involved honest American families losing their homes.