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Home arrow Real Estate News arrow General News arrow Energy costs and Interest rates cause foreclosures

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Energy costs and Interest rates cause foreclosures
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Friday, 15 September 2006

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Foreclosure rates in the second quarter were highest for "subprime" borrowers - people with weaker credit records who are considered higher risks - who have adjustable-rate mortgages. Even with the increase, the new foreclosure figure is still low by historical standards and thus not overly worrisome to lenders. But it suggests that some borrowers are feeling pinched.

Rising interest rates can raise monthly payments for people who have adjustable-rate mortgages and that can be a strain if people stretched to buy a home and don't have a financial cushion in their savings accounts.


The percentage of mortgage payments that were 30 or more days past due for all loans tracked edged down to 4.39 percent in the April-to-June period. That was lower than the 4.41 percent delinquency rate registered in the first quarter and was the best showing in a year.

The latest snapshot of the mortgage market comes as the once-sizzling housing sector - which saw home prices soar in many areas - is cooling down.

A sharper-than-expected slowdown and a big drop in prices could spell trouble for the national economy. Sales of new and existing homes are expected to fall this year after logging record highs in the previous five years. The housing cool down is playing a role in the overall economy's slower growth.


Edwina Baniqued

 
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