Foreclosures spiked 71% in September alone according to RealtyTrac.Ĭhris Berio of Long Island, N.Y., worked in two industries that have been hit particularly hard by layoffs. "The rise in job losses will increase and extend the delinquency trend," said Doug Duncan, the chief economist for mortgage giant Fannie Mae ( FNM, Fortune 500). The Bureau of Labor Statistics reported in early October that 159,000 private sector jobs were lost in September, and on Friday, economists expect the BLS to report that 200,000 jobs were lost in October. Nearly one million Americans have lost their jobs in 2008. "It's hard to pay your mortgage when you don't have a job."Īnd that's a situation that more and more people are finding themselves in. "The two economic factors that most contribute to foreclosures are falling home prices and rising unemployment," said Richard DeKaser, chief economist for National City Corp ( NCC, Fortune 500).
Fannie mae foreclosures since september 2008 mac#
In June, 45.5% of all delinquencies reported by Freddie Mac ( FRE, Fortune 500) were due to unemployment or the loss of income, according to the company. Now it's lost jobs that are putting troubled borrowers over the edge.Īs the economy tanks, unemployment is the major factor driving a much larger proportion of foreclosures now than in the earlier stages of the mortgage meltdown.
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NEW YORK () - For years, bad loans and their aftershocks have been sending homeowners into foreclosure.
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