Friday, December 5, 2008

One in ten mortgages is delinquent

From the Portland Business Journal:

The latest look at home foreclosure rates paints a bleak picture: As of the end of September, a record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure.
The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up more than 9 percent in the April-June quarter, and up more than 7 percent from a year earlier.
A record 1.35 million homes were in foreclosure in the third quarter, driving the national foreclosure rate up to 2.97 percent, according to the MBA’s National Delinquency Survey. That’s a 76 percent increase from a year ago.
At the same time, the number of homeowners falling behind on their mortgages rose to 7 percent, up from 5.6 percent a year ago, the association said.


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