People Can’t Afford Their Houses Anymore
MORTGAGE DEFAULTS REACH RECORD HIGH
FITSNews – March 6, 2008 – In the latest sign that our national economy pretty much blows at the moment, mortgage defaults reached an all-time high today. At least that’s according to the Mortgage Bankers Association of America, who may be a bunch of lying bastards for all we know. Assuming they’re not, though, here’s the bad news courtesy of the NYT:
The Mortgage Bankers Association reported Thursday that the number of loans past due or in foreclosure jumped to 7.9 percent, from 7.3 percent at the end of September and 6.1 percent in December 2006. Before the third quarter, the rate had never risen past 7 percent since the survey began in 1979.
In totally unrelated news, we can’t get Elton John‘s “Guess That’s Why They Call It The Blues” out of our head right now. Seriously. We’ve tried everything we know to do short of a lobotomy, but there it is.