The Morning Report
Get the news and information you need to take on the day.
More and more stories about risky mortgages are popping up. There was that L.A. Times one I posted about the other day.
This Washington Post one talks about the high numbers of homeowners nationwide facing foreclosure because of their high-cost mortgages.
And this Reuters story reported that American homeowners halved their rate of pulling equity from their homes in the third quarter – “only” $113.5 billion in equity extraction, compared to $235.9 billion in the same period in 2005.
It was the smallest amount of equity extracted since $87.7 billion in the fourth quarter of 2003.
I’ve got new data on the risky mortgages in San Diego County. I’ll post ’em in a few minutes.