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Rising Foreclosures in the United States: A Perfect Storm: A Reprint from the Federal Reserve Bank of Kansas City “Economic Review”
In the second qtr. of 2007, the share of outstandi

Our Price: $20.00
By Kelly D. Edmiston (au); Roger Zalneraitis (au)
Year: 2007
Pages: 30
Binding Paperback

Product Code: 1428988939

In the second qtr. of 2007, the share of outstanding mortg. in some stage of foreclosure (FC) stood at 1.4%, up from less than 1% a year earlier. The number of mortg. entering the FC process reached an all-time high in mid-2007. The FC surge was created by a perfect storm of events. First, the share of sub-prime mortg. originations increased. Second, FC rates for adjustable-rate mortg. (ARMs) have increased, esp. for sub-prime ARMs. Finally, high loan-to-value originations, coupled with stagnant or falling home prices, have left many people with insufficient equity to sell or to refinance their homes. Here is a dissection of the current FC surge. Discusses why the FC situation is likely to get worse over the next 2-3 years & why it is likely to improve afterward. Illus.

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