The U.S. economy is expanding again. The recession is technically over. Things are looking up. So why do foreclosure rates continue to climb and when will they stop?
In the most recent survey from the Mortgage Bankers Association, mortgage foreclosure/delinquency rates have hit a new high, with 7.4 million Americans, or 14 percent of homeowners facing some sort of foreclosure issue during the third quarter. The MBA reports that 9.6 percent of borrowers were delinquent on their home loans, and Read more [...]
Mortgage interest rates rose in the latest week, and according to Freddie Mac the root cause was economic data indicating housing market recovery.
"Mortgage rates rose slightly this week amid positive economic news that the economy may be approaching the bottom of the recession," said Frank Nothaft, Freddie Mac vice president and chief economist.
Specifically Nothaft named the following indices:
April consumer sentiment was revised above market consensus
The ISM Manufacturing Index 'exceeded Read more [...]