More Americans Falling Behind On Mortgages

More Americans Falling Behind On Mortgages

The US News and World Report (10/21) reports that “mortgage defaults are rising again after nearly a year of trending downward, raising concerns about homeowners falling behind on their payments and undermining whatever nascent housing recovery may be under way.” According to S&P Indices and Experia, “first mortgage default rates rose to almost 2 percent in September and second mortgage default rates rose to about 1.3 percent over the same period.” The Report says that these numbers make “recent rumors of a new government-sponsored mortgage assistance program seem all the more urgent.”