Posted by WARREN MOSLER on February 4th, 2010
Looks like nothing is trickling down, at least yet, even with 5.7% real growth. Still going the other way, in fact, for the lowest income groups.
On Wed, Feb 3, 2010 at 9:38 PM, Russell Huntley
From Jon Prior at HousingWire:
Home-loan delinquency rates in the US reached 10% in December, up from the record-high 9.97% in November, according to Lender Processing Services … which provides data on mortgage performance.
Accounting for foreclosures in the pipeline, the total non-current rate stands at 13.3% …. When extrapolated for the entire mortgage industry, 7.2m mortgage loans are behind on their payments.
More foreclosures and short sales coming!
Note: the MBA reported the delinquency rate in Q3 was 9.64%; the MBA Q4 delinquency data will be released soon.