P.M. BRIEFING : Overdue Mortgages Up Slightly
A nationwide survey has found that the delinquency rate on home mortgages rose only slightly in the second quarter to 4.52%, as against 4.41% in the first quarter.
Experts warned, however, that the percentage of overdue loans might continue to increase well into next year as the U.S. economy weakens and unemployment grows.
Economists said the increase was not substantial, with the rate still considered low by 1980s standards and well below the record 6.07% set in the first quarter of 1985. The quarterly survey of 400 mortgage lenders was conducted by the Mortgage Bankers Assn. of America.
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