February 6, 2010 by friendlyvalley
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News Article Below from MSN Money
New wave of foreclosures coming?
The FHA tried to prop up the housing market, but it might have caused more foreclosures in the process. With video updates.
Posted by
Kim Peterson on Tuesday, February 2, 2010 12:14 PM
For the past year, the Federal Housing Administration
has backed home loans that most big lenders wouldn’t touch.
The FHA has helped people get loans who otherwise would be in a pickle as credit markets have dried up. But at the same time, the FHA has insured loans for people who couldn’t afford them and has artificially propped up the housing market.
Now the FHA’s woes continue to mount. About 9% of FHA borrowers have missed at least three payments (up from 6.5% a year ago), and experts say that means a new wave of home foreclosures is coming, according to The Washington Post.
To read the original Article in it’s entirey click HERE
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Posted in 5.a - Current Real Estate News | Tagged FHA backed foreclosures, FHA foreclosures 2010, housing foreclosure update February 2010, more housing foreclosures, the housing market for 2010 | Leave a Comment »
