Singapore, Singapore, May 22, 2010 --(PR.com
)-- From a report issued earlier in the week: “Generally speaking, the situation is improving, but too slowly to make an impact. More than ten percent of mortgage holders missed a payment in the first quarter of 2010, a huge increase from previous years. Federal tax credits and continued low rates failed to relieve the pressure. The Association of Mortgage Bankers confirmed that foreclosures are at a record 4.2%. The federal government’s foreclosure prevention program which cost $75 billion US dollars made little impact.”
The subprime loans that started the financial crisis in the first place are now representing a smaller percentage of total foreclosures. Unfortunately the balance is being made up of homeowners with good credit histories with conventional, fixed rate loans. The consensus among analysts is that employment rates need to improve before foreclosures will ease.
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