Fri, 10/19/2007 - 10:15am
The outlook for surging mortgage delinqunecies worsens in a market which has taken several crushing blows. As the housing markets have deteriorated over the summer and a liquidity squeeze challenged credit markets, deleinquencies and defaults have jumped.Â A forecast predicts that these numbers will climb even higher over the next six months. In addition about $50 billion in adjustable rate mortgages are scheduled to reset this month, which will drive up interest rates fro many credit challenged borrowers. And despite efforts to increase awareness, it sure dosen't appear like anyone is really prepared for what's to come.