housing market

More creditworthy borrowers are falling behind on their mortgages. It's a sign of growing trouble in the housing market.

A report from two federal agencies finds the number of delinquent prime mortgages has more than doubled from a year ago.

Prime mortgages are loans given to borrowers considered the least risky.

One year after the financial crisis hit, the foreclosure mess hasn't improved. Economists repeatedly have said that preventing foreclosures is good for the housing market and the economy.

But despite a major effort by the Obama administration, many loan modifications aren't going through.

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In states like Florida, California and Nevada, the collapse of the housing market has driven down home values dramatically.

That means lower property tax revenue for local governments. Counties across the country say property tax collections may decline by 10 percent or more over the next few years.

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