25% of US sub-prime loans “seriously delinquent”
on February 16, 2009

Eliz Duke right.jpgSpeaking today, Federal Reserve Governor Elizabeth Duke produced some doleful figures about the current state of the US housing market. She noted that 25% of sub-prime loans, and 13% of near-prime loans, are now “seriously delinquent” – either 90 days overdue, or in foreclosure. The serious delinquency rate for prime mortgages is now over 3%, having doubled during the past year.
As a result, foreclosures have also doubled since 2006, to 2.25m. Last week’s sales even included the boyhood home of Fed Chairman, Ben Bernanke, sold for just $83k. This sombre background make it clear why chemicals demand into the important housing market remains so slow.

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