More than one in eight US mortgage borrowers was behind on their payments or facing foreclosure at the end of the second quarter, as rising unemployment aggravated the housing crisis, the Mortgage Bankers Association said yesterday.
The percentage of loans in foreclosure or with at least one payment past due rose to 13.16 per cent, the highest since the MBA began records in 1972 and a jump of more than a percentage point since the first quarter.
Jay Brinkmann, chief economist at the MBA, said signs were growing that mortgage performance was being affected more by unemployment than by risky underwriting, indicating a new stage in the foreclosure crisis that may not be easily addressed by government loan modification programmes.
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