10% of Americans are experiencing mortgage woes

 On Friday morning (12/5/2008), the Mortgage Bankers Association reported that 10% of all Americans who own mortgages were either delinquent on their payments at the end of September or were facing foreclosures. This is a record high number not seen in recent history and we can all speculate as to why this is the case.

Besides a very shaky and dismally performing U.S. Economy, and the fact that the nation is in the midst of a recession, recent job loss is to be blamed for the recent delinquencies in mortgage payments. According to the U.S. Labor Dept., unemployment rates were at 6.7% at the end of November. A record 533, 000 jobs were lost during November, an astonishing number itself. These numbers have not been seen in over 34 years, and just to reiterate, more than half a million jobs were lost during November.

No doubt, panic has set in for many Americans, a stumbling economy, loss of jobs, loss of home and possessions is reason to panic. Affected by the economic slumps or not, reality has set in for us all, yes we are in a recession, we didn't even need a bunch of economist to tell us this, we can see it and we can feel it. The big question is, when is it going to end?