Wednesday, November 25, 2009

Not out of the woods yet

On Monday, US data emerged suggesting 25% of American homeowners are "under water" — owing more on their mortgages than their houses could be sold for.

The US Mortgage Bankers Association revealed last week that a record one in seven US mortgages, or four million homeowners, were at least one payment late in the 3rd quarter, putting them technically into foreclosure territory.

No comments: