Foreclosures drop, but new delinquencies rise - MarketWatch

Foreclosures drop, but new delinquencies rise - MarketWatch:

"It will take a strong recovery in employment for there to be a permanent improvement in delinquencies, he said.

'Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers. Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak,' Brinkmann said.

The combined percentage of loans in foreclosure or at least one payment past due was 13.97% on a non-seasonally adjusted basis in the second quarter, down from 14.01% in the first quarter, according to the MBA report. In the second quarter of 2009, the percentage was 13.16%."

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