More Than 11 Percent of Mortgages Late or in Foreclosure
A whopping 7.88 percent of all residential mortgages were at least one month late by the end of the fourth quarter of 2008, according to the MBA’s latest National Delinquency Survey.
That’s up from 6.99 percent in the third quarter of 2008 and 5.82 percent in the fourth quarter of 2007, a new record high and quarter-to-quarter jump.
The delinquency rate doesn’t include loans already in foreclosure, Read more
Nearly 10 Percent of All Mortgages Late
A record 6.99 percent of all mortgages tied to one-to-four unit residential properties were delinquent at end of the third quarter, up nearly ten percent from the second quarter and 25 percent from the same period a year ago, the MBA reported today.
That number includes home loans that are at least one payment overdue, but not yet in the foreclosure process.
Another 2.97 percent of all home loans were Read more