Friday, May 29, 2009

Foreclosures moving on up

The mortgage meltdown has been painted by some as a meltdown of the subprime mortgage market. That's starting to change, as the number of foreclosures on prime mortgages to people with good credit records is starting to climb. 6% either in default or in foreclosure, in California it's 7.5% in default and 3.5% in foreclosure. Those numbers are disturbingly high, considering. And for the first time prime fixed-rate mortgages are a larger percentage of new foreclosures than sub-prime or adjustable-rate mortgages.

The bottom ain't here yet, folks.

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