The mortgage crisis worsened in the second-quarter as delinquencies hit an all-time high. The number of delinquents rose for the 10th straight quarter, the ratio hitting 5.81% across the United States.
That’s up 65% from 3.53% in the second quarter of 2008. Mortgage holders who are 60 days or more behind on their payments are considered delinquent and being 60 days behind means that the mortgage holder can’t afford to pay for two due payments and is a ground for foreclosure.
Still, optimists point out that the rate of increased eased compared to two previous quarters from 16% to just 11.3%.
With the public losing faith in the stimulus and growing impatient on its effects to a recovery, the economy needs strong indicators that the recession has finally bottomed out. Many consider the better-than-expected results as signs of a recovery.
The fact remains that losses are still losses. People continue to lose jobs and lose their homes and until the public gains back its buying power, we still seem to be in a longer haul.
