Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A few weeks ago, the American economy was hit by the news that home prices in 20 U.S. metropolitan areas had dropped more than 15% in May from the previous year, the biggest decline on record. The Case-Shiller indexes that show the annual declines in home prices across the U.S. generally continued to get worse.

Most analysts trace the origins of the plunge to the demise of the subprime housing market over the summer of 2007. The turbulence rapidly leaked into the prime sector producing a generally destabilizing effect on the overall housing market.

As a result, credit unions are seeing–many for the very first time–rising rates of mortgage delinquencies among their members that in some cases result in foreclosures. This situation may last some time with inventory in oversupply and ARMs continuing to reset.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.