TaxEsqBlog -by Ronald J. Cappuccio, J.D., LL.M.(Tax)

Mortgage Delinquency Rates Rise The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.59 percent of all loans outstanding in the third quarter of 2007 on a seasonally adjusted (SA) basis, up 47 basis points from the second quarter of 2007, and up 92 basis points from one year ago, according to MBA's National Delinquency Survey. For Full Article...

Today's new reported mortgage rates for 30-year fixed loans hit 6.75%. This is the highest level in almost a year. Further, “sub-prime” defaults and foreclosures both are at record highs. More than 15% of“sub-prime” adjustable loans are delinquent and 3.75% are in foreclosure. This bad news for real estate certainly is a leading indicator of an economic decline.