12% of Homeowners Underwater ….. Oyyyyy
By: Myles, May 28th, 2009
As reported by ZeroHedge today – Mortgage Delinquencies Hit Record High, New Home Sales Disappoint. Green shoot believers, who are forever searching for clues of positive signs of recovery, will be devastated when they see these grave statistics. Sorry but the numbers are the numbers:
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12 percent of homeowners with a mortgage are behind on their payments or in foreclosure.
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Half of all adjustable-rate loans to borrowers with poor credit were past due or in foreclosure.
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And we still have to see the Option
ARM hurricane ready to implode, as outlined extensively in a Blog post provided yesterday, here. -
California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country.
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