FINANCIAL NEWS: US mortgage foreclosures jumped in the third quarter as fewer borrowers qualified for loan modifications that would have reduced their monthly payments, bank regulators have said.
The rise in repossessions and decline in loan modifications are further signs that problems in the US housing market are persisting, in spite of forecasts by some analysts of a recovery before the year-end…
As these properties come on the market, they are expected to depress home prices by between 5 per cent and 10 per cent during the next year.. .. (more)
