Saturday, March 6, 2010

Mortgage Delinquencies Soar


When I read this in the Times a few days ago, I was actually looking for some good news. I was impressed by two things. The first is that 1 in 10 borrowers are at least a month behind on their mortgage payments. Not good news. And a sign the recession is probably going to continue for quite a while. These delinquencies were the highest since the association that reported them began keeping records in 1972. It would appear that unless foreclosure modification efforts begin to succeed, millions more family homes might go to foreclosure.
The second thing I realized is the media, even the Times, continues to be focused on the bad news. Alas, I could find no good news in the Times. I looked through the local paper, The Press Herald of Portland (Maine). The lead story was a positive one. A teenager who had been missing for two days had been found alive in her crumpled SUV. She had skidded off a rural road into a ravine. The officer who detected the skid mark and found the young woman gave credit to the persistence and teamwork of the rescuers who had searched for her.



Ron Breazeale, Ph.D.


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