foreclosure

From the Associated Press:

One in 10 American households with a mortgage was at risk of foreclosure this summer as the government’s efforts to help have had little impact stemming the housing crisis.

About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday.

That number, which is adjusted for seasonal factors, was down slightly from a record-high of more than 10 percent as of April 30.

In a worrisome sign, the number of homeowners starting to have problems with their mortgages rose after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

The number of Americans missing payments and falling into foreclosure has followed the upward trend in unemployment, which has been near double digits all year and has shown no sign of dropping soon.

“Ultimately the housing story, whether it is delinquencies, homes sales or housing starts, is an employment story,” Jay Brinkmann, the trade group’s top economist, said in a statement. “Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers.”

Read the whole thing here.

August 20th, 2010 1:42 pm ET

There are an awful lot of people who post on here every day who seem quite content to blame the President for everything from the economy to the fact that it's raining at their house. Seriously folks .. ..you aren't taken seriously when you are so consistent in your hatred. Try, just once, to look at the bigger picture. Nothing happens in a vacuum. The country didn't start down this path of economic failure the day President Obama took office! There are many, many reasons for it spanning decades of bad management by our elected officials . . . . from both parties! Can't you, just once, acknowledge the fact that the current President was handed a country in deep crisis and that he is working to turn things around but that it is going to take more than the two short years he's been in office? Can't you, just once, acknowledge the fact that turning it around is going to take the cooperation of both parties in Congress and that one party isn't acting in good faith? Can't you, just once, acknowledge the fact that the Repubs have done nothing except obstruct legislation which could, and in many instances would, help turn things around simply because they believe if the status quo is maintained some voters (you all) will be so pissed off that your knee-jerk reaction will be to vote them back in again? All of the disparaging names and insults you spew at and about the President don't show you to be patriotic or smart. All it does is make you sound childish and bigoted.

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