USA: Zwangsvollstreckungen auf Hypotheken erreichen in Q1 neues Hoch

verfasst von kingsolomon, 20.06.2003, 18:25

-->By Richard Leong

NEW YORK (Reuters) - U.S. mortgages in foreclosure climbed to
a record high in the first three months of 2003 as job losses and
personal bankruptcies forced more people out of their homes, a
mortgage industry group said on Friday.

Home loans in the process of foreclosure
climbed to 1.2 percent of all mortgages in the
first quarter, beating the previous high of 1.18
percent set in the fourth quarter of 2002, the
Mortgage Bankers Association of America
said.

Mortgages entering the foreclosure process
rose in the quarter to 0.37 percent from 0.35 percent in the fourth
quarter.

The percentage of all loans for one- to four-unit homes that were
delinquent -- at least 30 days overdue -- slipped to 4.52 percent from
4.53 percent in the fourth quarter.

The housing market has been a pillar of strength for a sluggish U.S.
economy. Ultra-low interest rates have fueled record home sales and
an unprecedented mortgage refinancing boom that has freed up
billions of dollars in cash for consumers to pay down debt, save or
spend.

While benefiting from low borrowing costs not seen in more than four
decades, Americans have been straining to meet their mortgage
payments and credit card bills.

Until the economy improves and companies hire again, more
Americans will default on their debt, and if defaults increase, this will
hamper economic growth, economists say.

But economists and the financial markets have been hopeful that the
economy will pick up steam in the second half of the year, boosted by
money from refinancings, the latest round of tax cuts and an
anticipated rate cut by the Federal Reserve (news - web sites).

"An improved economy and job market should result in gradually
declining delinquency rates," said Mortgage Bankers Association chief
economist Doug Duncan in a statement.

Foreclosure rates rose in the Northeast, the North Central region and
the South, but held steady in the West.

In the first quarter, more homeowners fell behind on their mortgage
payments in the South and North Central region, while fewer in the
Northeast and West were late on their payments.

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• USA: Zwangsvollstreckungen auf Hypotheken erreichen in Q1 neues Hoch - kingsolomon, 20.06.2003, 18:25