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Sub-prime mortgage crisis likely to worsen

READ MORE: Sub-prime mortgage crisis likely to worsen
There is disturbing news about the sub-prime mortgage crisis. The Wall Street Journal reported this weekend that the mortgage meltdown will likely get much worse before it gets better. That could include southeastern North Carolina as well. The number of US homes in foreclosure is expected to keep soaring. Estimates predict in the months to come, there will be one foreclosure filing in every 196 households in the nation, a 34 percent jump from just three months earlier. Such data suggests more Americans could lose their homes than ever before. The reason for the spiraling mortgage mess can largely be attributed to millions of adjustable-rate mortgages resetting in the months to come, giving them a higher interest rate as required by the loan agreements. And that could leave many homeowners unable to make their payments. Financial planner Ross Marino says despite a still relatively strong real estate market, southeastern North Carolina is not immune to the sub-prime meltdown. Financial experts predict the next wave of the mortgage crisis could not only force people out of their homes, it might also spiral throughout the economy. Lenders are now tightening their standards, and borrowers are having a harder time refinancing loans.

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