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Prime U.S. Mortgage Foreclosures Hit Record

For years we’ve heard about the horrendous problems with subprime mortgages….Well, now even PRIME mortgage foreclosures are at record levels…

Homeowners are falling behind on their mortgage payments as job cuts make it difficult for them to cover their bills, said Michael Fratantoni, the Mortgage Bankers Association’s vice president of research and economics. The unemployment rate has stayed above 9 percent for 18 consecutive months, the longest stretch since 1983, according to the Bureau of Labor Statistics.

“The increase in these plain-vanilla type of loans to the highest numbers ever show us it really is being driven by the economic environment,” Fratantoni said in a telephone interview. “It’s not going to turn around until we get more significant job growth.”

http://www.bloomberg…t-pressure.html