Posted: Feb 19, 2010 11:28 AM by Bea Karnes, News First 5
Updated: Feb 19, 2010 11:28 AM
A mortgage analyst says there's still a big problem with borrowers falling behind on their mortgage payments. But Jay Brinkmann of the Mortgage Bankers Association says, "The good news is it looks like it may not get much bigger."
The group says the number dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb. The percentage of borrowers who missed just one payment on their home loans fell to 3.63 percent in the fourth quarter, down from 3.79 percent in the third quarter. The number who were at least three months behind, however, continues to soar.
More than 5 percent of borrowers fell into that category in the fourth quarter, up from 4.4 percent in the third quarter.