Almost 10% of U.S. Mortgages are 90+ days past due

[XDCX]

Not that I like reporting bad news, but I was amazed when I read that 9.54% of all mortgages in the U.S. are at least 90 days past due. What's worse is recent history indicates that only 5% of them are likely to remedy themselves - the other 95% are headed for short sales and foreclosures.

In 2005, 66% of mortgage holders who were 60 days past due "cured" their mortgage and caught up on their payments. Today that figure is only 5%. For the full report - click here

Again, I'm not a pessimistic person but I also try to be a realist. If one in ten mortgages end up going to foreclosure that's going to put a lot of pressure on home prices which will make a recovery in auto sales even more challenging.

Is your dealership seeing an increase in the number of customers with recent foreclosures? Have you found any solutions to getting these deals bought?