1 out of 8 Homeowners Affected by Foreclosure
Because of the worsening economic condition, more Americans are facing foreclosure threats. According to a recent survey, 5.4 million homeowners were at least one month delayed in paying for their mortgage loans or facing eviction before the end of 2009.
Meanwhile, experts blame mortgage woes as a result of reckless lending and borrowing practices in some states.
One out of eight homeowners or a total of 5.4 million people in the US is affected by foreclosure threats during the fourth-quarter, according to a survey conducted by Mortgage Bankers Association.
Homeowners at risk, or those who are at least one month delayed in their mortgage payment and those facing eviction from their houses before the year ends, have dramatically increased by 10 percent from the third-quarter, according to the agency.
The survey also said that almost 48 percent of homeowners who availed adjustable-rate and subprime mortgages were at least one month delayed in their payments. A huge portion of these people are also on the brink of eviction before the year ends.
Meanwhile, experts blame the housing bubble to reckless lending and borrowing practices by some mortgage companies and lenders especially in the states of Texas, Louisiana, New York, and Georgia. These places have receding economic growth as record-high unemployment rate and trembling labor market continue to wreak havoc.
Recently, President Barack Obama signed the $787 billion stimulus bill to help ailing sectors including the housing industry. With over $75 billion to be used in helping more than 9 million homeowners, some experts remain pessimistic if all homeowners at risk will receive financial aid since unemployed borrowers may not quality for this.
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