Understanding Why Mortgage Delinquencies and Defaults Are On The Increase

As housing markets deteriorate and a liquidity squeeze buffets the credit markets, mortgage delinquencies and home loan defaults have increased substantially. One forecast now predicts that these numbers will climb even higher over the next six months. The Core Mortgage Risk Monitor (CMRM), an index of foreclosure risk compiled by First American CoreLogic, increased by 1.6 percent compared with the three months ended June 30. High risk markets have foreclosure rates and fraud and collateral risk indices three times the national averages. High risk markets also have job issues such as high unemployment of low wages and wage growth, all indications of economic stress.

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