Mortgage delinquencies soar in the U.S.


Reuters reports that more consumers are falling behind on their mortgages.

Dann Adams, president of U.S. Information Systems for Equifax Inc, reported that 7 percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.

He also said 39.8 percent of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7 percent from last year.

They said that consumers were resorting to credit cards for their lifeline.

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