U.S. homeowners risking foreclosure
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31/08/2010 8:32:00 PM
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One in 10 households is facing foreclosure in the U.S., and more than two million homes have been repossessed since the recession started. The continuing job crisis means more Americans are still at risk of losing their homes.
"Ultimately, the housing story, whether it is delinquencies, home sales or housing starts, is an employment story," said Jay Brinkmann, top economist for the Mortgage Bankers Association, to the Associated Press.
Nearly 10 per cent of homeowners missed at least one mortgage payment as of June 30, according to a quarterly report on delinquencies released by Brinkmann's trade group. That's more than double what it was before the recession.
Experts think it's only going to get worse as July was the worst month on record for new home sales and the worst in 15 years for sales of existing homes. Also, many Americans now own homes that are worth less than their mortgages.