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Group: 10 Percent Of Mortgage-Holders In Trouble

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Dec 5, 2008 8:50 am US/Pacific

Group: 10 Percent Of Mortgage-Holders In Trouble

 Timeline: U.S. Credit Crunch & Financial Failures

 View Market Summaries & Leading Stock Changes
WASHINGTON (AP) ― An industry group says a record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.

The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier.

There were, however, some modest signs of stabilization. The percentage of loans on which new foreclosures were started was 1.07 percent in the third quarter, flat from the second quarter.

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