Thursday, March 6, 2008
Recession fears rise on weakness in the US housing sector
The number of US home foreclosures, and the rate of homes entering the process, reached record highs in the fourth quarter of 2007, new figures show. The Mortgage Bankers Association data showed the failing loans rate was led by an increasing number of sub-prime borrowers unable to make payments. A record 0.83% of loans entered the foreclosure process. The delinquency rate, of missed payments, was 5.82%.