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Mortgage Foreclosure Rates Remain High Across the Country

Mortgage foreclosure

Mortgage foreclosure

Despite the general revival of the American economy it seems the housing sector has still not recovered. All across the country banks lending agencies are reporting higher mortgage foreclosure rates than previously expected. For millions of Americans this means losing their homes and essentially their lives. Many banks are working much more closely with customers to prevent mortgage foreclosures; unfortunately there are just certain cases where banks have no choice but to foreclose on a home.

According to recent data the national mortgage foreclosure rate is just over 3 percent. That is up almost 1 percent since last year; and even more since the start of the economic downturn. Most analysts agree that due to the pricing and nature of home mortgages the housing sector will likely be one of the last pieces of the economy to recover.

The nature of the housing and mortgage industry is also what caused it to collapse first when the economy began to enter a recession. As a result most experts are not expecting mortgage foreclosures to decline anytime in the coming months; many predict it could take another year or more before any recovery is seen.

Mortgage foreclosures are not the only housing division that is still on the rise. According to data loan delinquency, and late mortgage payments are also on the rise. This is obviously a direct cause of mortgage foreclosures, so it comes as no surprise. Current estimates say that as much as 10% of borrowers are likely behind on their home mortgage payments by at least a month. Given this trend it is entirely possible that mortgage foreclosure rates will continue to increase through the next year or more.

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