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MBA Addresses Foreclosure Causes.
WASHINGTON -- On a national level, delinquency and foreclosure rates are currently low, according to the Mortgage Bankers Association. However, in the Midwest, and specifically Ohio, these rates have been elevated due to a weakened regional economy and the resulting job losses.
During a U.S. House of Representatives Financial Services Committee field hearing recently, Michael Fratantoni, senior director for Single-Family Research and Economics at the MBA delivered testimony on the causes and trends in mortgage delinquencies and foreclosures.
"Though currently low, delinquency and foreclosure rates varied across the country in the first quarter of 2006," said Mr. Fratantoni. "More specifically, the Midwest has maintained the highest rates of foreclosures, due to the continuing decline of jobs and relatively weak housing markets as well as the high level of homeownership in the Midwest."
The same economic factors that have caused mortgage delinquencies and foreclosures throughout history continue today, such as job loss, illness, divorce and other unexpected challenges, he testified. In Ohio, job loss, specifically in manufacturing, ...
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Source: HighBeam Research, MBA Addresses Foreclosure Causes.