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Americans seeing record foreclosures

December 5, 2008 by  

The foreclosure rate is risingThe number of American households facing foreclosure has risen to a record high, according to statistics from the Mortgage Bankers Association.

Some 3 percent of families are facing the prospect of losing their home – a proportion which has increased by 76 percent compared with last year’s figures.

Meanwhile, an increasing number of people are also falling behind on their mortgage payments, rising to 7 percent from 5.59 percent in 2007.

The MBA suggested that the figures could grow even worse in the months to come, due to the large number of negative economic indicators the country is facing.

"We have not gone into past recessions with the housing market as weak as it is now, so it is likely that a much higher percentage of delinquencies caused by job losses will go to foreclosure than we have seen in the past," commented Jay Brinkmann, MBA’s chief economist.

The U.S. government recently admitted that the country had begun a recession in December 2007 – an announcement that did not come as a surprise to many financial experts.
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