Monday, June 08, 2009
Tsunami Of Granite Countertops
Pictured: What did this guy have for lunch? Judging by the smile, I'd say Kool-Aid.
Coming: A 3rd wave of foreclosures
The next group of Americans to lose their homes seemed to have good credit and affordable loans. But those families have been walloped by the recession.
By Michael Brush
There's a simple reason you shouldn't get too excited about the "green shoots" of an economic turnaround.
In the housing market, a lot of prime mortgages are becoming subprime as a new wave of foreclosures begins to hit. Mainstream homeowners -- those previously "safe" borrowers with sound credit who have conservative, fixed-rate mortgages -- are getting into trouble at an alarming rate.
In the first quarter, the percentage of these borrowers who were behind on their mortgages or in foreclosure had doubled from a year earlier, to nearly 6%. For the first time in the housing crisis, these homeowners accounted for the largest share of new foreclosures.