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More Americans Fall Behind On Mortgage Payments

December 2nd, 2008 Comments off

In a sign that the mortgage crisis in the United States is getting worse, it is being reported that defaults on privately insured mortgages rose by a staggering 35 percent in October, topping 80,000 for the first time. This is a clear sign that more homeowners are falling behind on their house payments as the American economy continues to deteriorate.

The distressing statistics were released by the Mortgage Insurance Companies of America. The figures indicated that 80,071 insured borrowers were at least 60 days late on payments, up from 59,308 a year earlier, and surpassed the previous record of 76,776 set in September. The numbers present a stark picture as the initial troubles with U.S. mortgage payment precipitated what is now a severe global economic crisis.