Mortgage delinquencies hit high
December 7th, 2007, 2:59 pm · Post a Comment · posted by mistywilliams
The number of Americans falling behind on their home loans has hit its highest point since 1986, according to a new Mortgage Bankers Association survey.
In the third quarter 2007, the mortgage delinquency rate on one-to-four unit residential units was 5.59 percent of all outstanding loans. Meanwhile, the percentage of loans in the foreclosure process was 1.69 percent of all outstanding loans and the rate of loans entering the foreclosure process was 0.78 percent, the National Delinquency Survey shows.
Plagued with huge supplies of homes and overinflated prices, Florida and California are the two largest states in terms of outstanding mortgages and have largely driven the rise in national foreclosure rates.
