US Mortgages Delinquencies Set Record

Discussion in 'Current Events' started by Baba gounj, Sep 22, 2009.

  1. Baba gounj

    Baba gounj pensioner

    U.S. mortgage delinquencies set record

    by DefendUSx September 22, 2009 01:17 While Obama is getting his Narcissistic supply on Letterman, the country continues to go down the pipes.
    By Nick Zieminski
    NEW YORK (Reuters) – High U.S. unemployment keeps pushing up the rate of mortgage delinquencies, which could in turn drive personal bankruptcies and home foreclosures, monthly data from the Equifax Inc (EFX.N) credit bureau showed on Monday.

    Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in July, according to the data obtained exclusively by Reuters.

    August marked the fourth consecutive monthly increase in delinquencies, and the report showed an accelerating pace. By comparison, 4.89 percent of mortgages were 30 days past due in August 2008, while in August 2007, the rate was 3.44 percent, Equifax data showed.

    The rate of subprime mortgage delinquencies now tops 41 percent, up from about 39 percent in each of the prior five months.

    The results, which correlate with consumer bankruptcy filings, suggest U.S. homeowners remain under financial stress despite signs of improving sentiment and fundamentals in the U.S. housing market.

    August bankruptcy filings were up 32 percent from a year earlier, compared with a 35 percent year-over-year increase in July.
     
  2. Baba gounj

    Baba gounj pensioner

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    Sept. 23 (Bloomberg) -- U.S. credit-card defaults rose to a record in August and more losses may lie ahead as delinquencies climbed for the first time since March, according to Moody’s Investors Service.
    Write-offs rose to 11.49 percent from 10.52 percent in July, Moody’s said today in a report. Loans at least 30 days delinquent rose to 5.8 percent from 5.73 percent. “Early- stage” delinquencies, or loans overdue 30 to 59 days, surged to 1.65 percent, from 1.41 percent, signaling higher losses in coming months. Banks typically write off loans after 180 days.
    Card issuers have struggled with rising defaults as the recession drove up unemployment to 9.7 percent and the impact of income tax refunds waned. Credit-card defaults typically track the U.S. jobless rate since consumers tend to fall behind on payments when their income dries up.
    “We continue to call for a recovery of the credit-card sector to begin once industry average charge-offs peak in mid- 2010 between 12 percent and 13 percent,” said the Moody’s report, which predicted unemployment may reach 10.5 percent.
    JPMorgan Chase & Co.,Bank of America Corp. and Citigroup Inc., the biggest U.S. credit-card lenders, said in federal filings on Sept. 15 that defaults climbed in August.
     
  3. JimJimmyJames

    JimJimmyJames Big Time Feeder Driver

    But Bernanke has said that the recession is over. Or is it: