WASHINGTON (AP) -- It is a new low for the housing market.
The American Bankers Association says a record 9 percent of U.S. homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June.
The focus of trouble in the market has shifted from subprime loans granted to borrowers with poor credit to those with solid credit saddled with exotic loans carrying ballooning monthly payments.
The problem is concentrated in a handful of states, notably California and Florida. Real estate booms in the two states were fueled by lending practices now regarded as risky, as well as rampant speculation.
The latest quarterly snapshot of the market breaks records for late payments, homes entering the foreclosure process and for the inventory of loans in foreclosure. The trade group's records go back to 1979.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.