Want the news summarized?
Subscribe to The Morning Report.
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.