Foreclosures Rise on Prime Mortgages

map of foreclosure rates

This article entitled “Job Losses Push Safer Mortgages to Foreclosure” appeared in the NY Times on May the 25th, 2009. The authors are Peter Goodman and Jack Healy:

As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.

In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans – those extended to home buyers with troubled credit – to the far more numerous prime loans issued to those with decent financial histories. Read the full foreclosures rise on prime mortgages story.