Less late payments on mortgages

In most years late payments on mortgages raises during the winter months increases however this year these late payments have slightly fallen. This is great news for America and especially good news for the Obama administration after they put a big focus on helping homeowners who face foreclosures. However the percentage of loans on foreclosures went up in the fourth quarter to 4.58%. The increase in foreclosures will push most home prices down which does hurt the homeowners but helps new homebuyers because they will have to pay less for a home due to the economic crisis in the housing industry.