Delinquent Mortgages on the Rise

Despite the emergence of signs that the worst economic crisis since the Great Depression has started abating, the number of mortgages that have gone delinquent or that have ended in foreclosure is rising. The current level of delinquencies and foreclosures marks the worst situation in at least forty years, even as the government continues to extend help to borrowers.
 
While the original problem facing borrowers originated from risky subprime loans, the same culprit for starting the economic crisis, the Mortgage Bankers Association has now stated that more borrowers are being driven into delinquency by rising unemployment of unemployment. The economy will continue to heal, but analysts worry that the foreclosure crisis could continue to worsen into next year.
 
According to data released today, approximately 9.24 percent of borrowers had gone delinquent on their mortgages throughout the second quarter and 4.3 percent were in the midst of a foreclosure. All together, 13.16 percent of mortgage loans were either delinquent or in the foreclosure process, the highest number ever recorded by the survey in its 37-year history.

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