Many homeowners currently as a minimum 60 days behind on mortgages guaranteed by Freddie Mac and Fannie Mae went up to 2.73% in November nearly about double the delinquency rate of 1.43% in January 2008. According to a monthly report on delinquencies as well as foreclosures from the Federal Housing Finance Agency more than 834,831 borrowers were at any rate 60 days behind on payments, compared to 431,310 at the beginning of last year.
The report says there were more than 43,627 foreclosure starts in November 2008, and the figure were almost double the number 10 months earlier. Property foreclosures are further driving down housing prices though low prices are spurring sales as well. On the other hand, this week the National Association of Realtors reported that pending sales of existing homes jumped 6.3% in December. They expect the rising will be continue in this year.
Related posts:
- U.S Home sales Rise but Falls in WNC
- US Housing Sector on Trouble
- Bay Area Home Sales Top Last Year Again, Median Price Falls to $300K
- Mortgage Rates Fall in Record Level
- 11% Mortgage are Uneasy
