The Center for Responsible Lending says
"1 in 10 families is behind on their mortgage. The latest available figures show that the number of households at risk of foreclosure is 700% higher than the number of loan modifications, and the gap has been increasing steadily."
Click chart for full size imageMore facts from Center for Responsible Lending:
15 Fast Facts
| 1. | Number of loans already lost to foreclosure | 1.5 million |
| 2. | Projected foreclosures on all types of loans during the next 5 years | 13 million |
| 3. | Portion of all homeowners late on their mortgage | 1 in 10 |
| 4. | Portion of homes where owners owe more than property value | Nearly 1 in 5 |
| 5. | Drop in residential lending from 2008 compared to 2007 | Over a trillion |
| 6. | Between 2006 and 2008, % decline in existing home sales | 24% |
| 7. | Between 2006 and 2008, % decline in new home sales | 54% |
| 8. | Between 2006 and 2008, % decline in new construction | 58% |
| 9. | In 2009, number of neighboring homes that will lose property value because of nearby foreclosures | 69+ million |
| 10. | Average price decline per home (2009) | $7,200 |
| 11. | Total property value lost because of nearby foreclosures (2009) | $502 billion |
| 12. | Percentage of 2006 subprime loans that went to people who could have qualified for prime loans with better terms | 61% |
| 13. | Typical rate difference between a 30-year, fixed mortgage and the initial rate of aggressively marketed ARM loans | ½ to 8/10% |
| 14. | Cumulative default rate for recent subprime borrowers with a similar risk profile to borrowers with lower-rate loans | More than 3x higher |
| 15. | During first four years of a loan, the typical extra cost paid by subprime borrowers who get a loan from a mortgage broker, compared to other borrowers with similar characteristics | $5,222 |
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