According to a study by Lender Processing Services, only 0.84% of all mortgages that were current six months ago are now 60 days late. This is only slightly higher than the levels seen prior to start the housing bubble in 2004.
People who say that homeowners are losing their homes because they never qualified for mortgages haven't thought the matter through. Mortgage loan qualifications have been very strict since the bubble burst in 2007. People who shouldn't have been given mortgages lost their homes by 2009. People are losing homes now either because they lost their jobs or they lost their equity in their homes when the market became dominated by foreclosures and short sales. They are not reckless or foolish. They are responsible people who did everything right and were victims of the housing bubble and recession.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment