1 in 7 Mortgages is behind in payments or in foreclosure

[jeffrey]

About one in seven American households with mortgages is behind on payments or in foreclosure, according to new data from the Mortgage Bankers Association. That is up from about one in 10 a year ago.

The group reported Thursday that 14.4% of first-lien mortgages on one-to-four-family homes in the third quarter were 30 days or more overdue or in the foreclosure process. That is the highest rate since the MBA began reporting such data in 1972, and works out to about 7.5 million households at risk of losing homes. The percentage is up from 10% a year earlier and 7.3% two years ago...

More Homeowners Fall Behind on Mortgages - WSJ.com

[Joan.of.the.Arch]

I figure that is 6.7% of all US households. (7,500,000 / 111,162,259 total households).

[highsavings]

Originally Posted by Joan.of.the.Arch

I figure that is 6.7% of all US households. (7,500,000 / 111,162,259 total households).

You mean 6.7% of homes are at risk of losing their home?


14% is a big number, but I am not surprised since some neighborhoods I walk through have a foreclosed house every other house. One change I notice in the market is that houses are selling fast though. An investor bought a fairly new housing development that went bankrupt from a bank. They bought 46 houses about 2 months ago, and all of them are sold except 5, and two of those have offers on them.

[Joan.of.the.Arch]

~6.7% of households are behind on mortgage payments or in foreclosure.

Not all households have a mortgage. Some households rent, some people live in homes with paid mortgages. Some people paid cash for their homes, some people inherited their homes free and clear. 14.4% of mortgages are behind or in foreclosure, but that might be "only" 6.7% of all households.

Of course, the article does say that the 14.4% can include apartment buildings with up to four units, so each one of those might affect the livingspace of four households.