Friday, February 05, 2010

Rise in foreclosures of FHA mortgages

Yesterday's Washington Post reports rising default rates on loans backed by the Federal Housing Administration which "foreshadow a crush of foreclosures" to come. In December 2009, the percentage of FHA mortgagees who had missed at least three consecutive payments had risen to 9/1%, up from the 6.5% of December 2008.

This reports corroborates our findings for new foreclosure filings in January 2010 which we found to to be up 66% when compared to December 2009 and 546% (from 26 to 168) when compared to January 2009.

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