The number of US homes in foreclosure topped the one million mark for the first time ever, according to figures released this week by federal agencies...
The number of prime-rate mortgage borrowers in default doubled from a year earlier, according to figures released Monday by the Office of Thrift Supervision (OTS) and the Comptroller of the Currency (OCC). The portion of such “prime” mortgages in serious delinquency reached 3.6 percent in the third quarter, up 19 percent from three months before.
The report surveyed the 34 million home loans made by banks under the purview of the OTS and OCC, which amount to about 65 percent of all mortgages issued in the US. Given that the figures only covered this share of US mortgages, the real number of foreclosures is undoubtedly well over 1 million....
http://www.wsws.org/articles/2009/dec2009/fore-d23.shtml
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