| With mortgage rates on the rise and home | | | | surprising. The MBA reports that there was an |
| prices leveling out, foreclosures are | | | | increase of .26% in delinquencies and a 0.01% |
| becoming more common, especially in the | | | | increase in the foreclosure rate in the last |
| American Midwest.The rate of foreclosures is | | | | quarter.Three states in the Midwest are |
| closely watched by real estate analysts and | | | | proving to have the highest rates of loan |
| investors because it can be an indication of | | | | foreclosures and delinquencies: Indiana, Ohio |
| market distress.In the last five years, home | | | | and Michigan.The cause of mortgage problems |
| prices have risen by almost 50%. Both | | | | can be found in many places. One factor is |
| interest rates and foreclosures have been | | | | family economic distress, such as job loss or |
| historically low. Any homeowners having | | | | severe illness. The slowing pace of home |
| trouble paying their mortgage were able to | | | | appreciation also factors in. The states |
| easily sell their homes, eliminating the need | | | | leading the foreclosure list have had |
| to default.A recent survey by RealtyTrac | | | | relatively low home price appreciation when |
| shows that there is a increase of foreclosure | | | | compared to the rest of the country. They |
| rates and delinquent mortgage payments across | | | | also have a below-trend job growth rate.The |
| the country. Even though the rates are high | | | | national level of foreclosures for the end of |
| compared with the last few years, they remain | | | | the fourth quarter of 2005 was 0.99%. Ohio |
| low when compared to the last few decades.The | | | | had 3.22% of loans in foreclosure, Indiana |
| number of mortgage loans in foreclosure rose | | | | had 2.75% and Michigan had 1.75%. The East |
| to 117,259 in February, an increase of 68% | | | | North Central region had a 2.05% foreclosure |
| from February 2005.Delinquent accounts are up | | | | rate for mortgages, the highest regional |
| by 2.84%. LoanPerformance, a subsidiary of | | | | level in the nation, according to the |
| First American Real Estate Solutions, reports | | | | MBA.Martin Lukac( represents and a finance |
| that 3% of the most risky loans were 90 days | | | | web-company specializing in real estate |
| delinquent in February. Ninety-day | | | | mortgage market. We specialize in daily |
| delinquencies were up 0.76% for borrowers | | | | updates, rate predictions, mortgage rates and |
| with good credit.Doug Duncan, chief economist | | | | more. Find low home loan mortgage interest |
| of the Mortgage Bankers Association, says | | | | rates from hundreds of mortgage companies! |
| that the rise in delinquencies isn't | | | | |