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June 14, 2007

Today's Housing Bubble Post - Record Foreclosure Pace

-- by Dave Johnson

U.S. Mortgages Enter Foreclosure at Record Pace,

The number of Americans who may lose their homes because of late mortgage payments rose to a record in the first quarter, led by subprime borrowers pinched by an economy that grew at the slowest pace in four years.

... Falling home prices hurt homeowners who fall behind on their payments, as they find it more difficult to sell the property or refinance into another loan, said Doug Duncan, chief economist for the Washington-based bankers' group.

Also, "More pain" - the "subprime" problems are rippling out:

Subprime woes weigh on Goldman, Bear results,

Goldman Chief Financial Officer David Viniar said in a conference call Thursday that the subprime sector's woes are not over and to expect "more pain" before the problem is purged.

Posted by Dave Johnson at June 14, 2007 11:26 AM

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