Consumer Law

Is the foreclosure crisis slowly beginning to end?

By Brian Wolfman

According to this article in today's New York Times:

Even as the fight over foreclosures continues, the high tide of delinquency among homeowners has begun to recede. Households that are behind in their mortgage payments fell during the third quarter to 13.52 percent, from 14.42 percent in the second quarter, the Mortgage Bankers Association reported on Thursday. It was the lowest delinquency rate since the beginning of 2009, just as the financial crisis began hitting home.

Why? The worst hit people have moved out, some mortgages have been modified (allowing some homeowners to stay), and an improving economy.

Full post as published by CL&P Blog on November 19, 2010 (boomark / email).