Prime Loan Foreclosure Rates Rising


Among all the publicity about the rash of sub-prime loans that are being foreclosed, prime loans – those held by homeowners with once-solid credit ratings – are increasingly facing the same fate.

Many economists expect the current 8.9% unemployment rate to rise into the double digits, and foreclosures of all types of mortgages are likely to increase. “We’re about to have a big problem,” said Morris A. Davis, a real estate expert at the University of Wisconsin. “Foreclosures were bad last year? It’s going to get worse.”

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