2012-06-09freerateupdate.com

... foreclosures of FHA loans have increased as unemployed, underemployed, and employed but struggling Americans find it harder to keep up with their mortgage payments. The number of foreclosure starts increased 73 percent in April 2012.

...

The report also noted that the high number of FHA foreclosure starts--meaning a defaulting mortgage just entering the legal foreclosure process--was dominated by mortgages that began in 2008 and 2009, although the number of mortgages that began in 2007 and 2010 were also sharply up from March. Analysts at LPS suggest that the spike in FHA defaults is the result of the higher ratio of FHA loans that were given to home buyers after conventional mortgages became harder to get following the sub-prime mortgage crisis of 2008.



Comments: Be the first to add a comment

add a comment | go to forum thread