By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%. COUNT 5
QSN1 How much had average U.S. housing prices declined by September 2008? ANS1 over 20% QSN2 When was the peak of U.S. housing prices? ANS2 mid-2006 QSN3 How many foreclosure proceedings were initiated by lenders in 2007? ANS3 nearly 1.3 million QSN4 What was the percentage increase on foreclosure proceedings from 2007 to 2008? ANS4 81% QSN5 How many U.S. mortgages were either delinquent or in foreclosure by September 2009? ANS5 14.4%