Saturday, May 23, 2009
NEW YORK - More than a million homes are now in foreclosure, the highest rate ever recorded which will continue to go up. The Mortgage Bankers Association'' first quarter report showed that a record 2.5 percent of all loans serviced by its members are facing foreclosure that works out to about 1.1 million homes. That's up from the 2 percent of loans, or about 938,000 homes, which were in foreclosure at the end of the year 2007.
The report also showed that 448,000 homes, or about 1 percent of loans being serviced, began the foreclosure process during the first quarter. This is up from 382,000 homes, or 0.83 percent which entered foreclosure in the last 3 months of 2007.
The seasonally adjusted rate of homeowners behind on their mortgage payments also hit a record high. Nearly 3 million home loans, or 6.4 percent have missed at least one payment, while about 737,000 are at least three months past due, but not yet in foreclosure.
The report also showed that 448,000 homes, or about 1 percent of loans being serviced, began the foreclosure process during the first quarter. This is up from 382,000 homes, or 0.83 percent which entered foreclosure in the last 3 months of 2007.
The seasonally adjusted rate of homeowners behind on their mortgage payments also hit a record high. Nearly 3 million home loans, or 6.4 percent have missed at least one payment, while about 737,000 are at least three months past due, but not yet in foreclosure.
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 4:21 AM
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