More U.S. consumers are falling behind on their mortgages, an indication that the housing market has yet to hit bottom, a top credit bureau executive told Reuters.
Dann Adams, president of U.S. Information Systems for Equifax, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.
He also said 39.8 percent of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7 percent from last year.
Fed may taper later this year
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1 comment:
Don't forget the massive hidden inventory of foreclosed homes that the banks now own but do not yet appear on the MLS listings. This will add months of supply to the nation's already bloated inventory of unsold homes.
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