One in Eight Americans Facing Foreclosure

Foreclosures are now at an all time high. 616,000 Americans are in danger of losing their homes and 50% of these homeowners, reside in four states- California, Florida, Nevada and Arizona.

One in eight Americans are behind in their mortgage payments. Many of them have lost their jobs and unable to find employment. “If people don’t have a paycheck they can’t support a mortgage,”said Jay Brickman, the MBA’s chief economist.

Yesterday, rates rose for the first time in while on the higher yields on treasury notes.

Even with this new data, economists and housing industry analysts are more optimistic that the bottom may be in sight. (See yesterday's post)