Not sky-high yet, but mortgage delinquencies are edging upward and for all the reasons you’d expect: high energy prices, rising interest rates, lots of subprime and ARM loans, and the simple fact that risky loans issued in recent years have been outstanding long enough for borrowers to get in trouble.
Here’s the press release from the Mortgage Bankers Association.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.