14 Jun Housing Hit Again!
Today’s new reported mortgage rates for 30-year fixed loans hit 6.75%. This is the highest level in almost a year. Further, “sub-prime” defaults and foreclosures both are at record highs. More than 15% of“sub-prime” adjustable loans are delinquent and 3.75% are in foreclosure.
This bad news for real estate certainly is a leading indicator of an economic decline.