Thursday, May 28, 2009

Centex Drops on Delinquency Data

The Mortgage Bankers Association reported Thursday that U.S. mortgages with past due payments that put them in line for foreclosure jumped to 9% after a seasonal adjustment. (It was 7.9% last quarter.) These are the largest quarterly increases on record going back to 1972, says Wall Street Strategies analyst David Urani. The group said loans in foreclosure increased to 1.4%, also the largest increase since 1972.

"That's really alarming," he says. "Everyone said the sky was falling when these numbers came out last quarter, and it's getting worse. It's just not getting the same mind of press."

http://www.smartmoney.com/Investing/Short-Term-Investing/2-Stock-Picks-CTX-VSTN/