U.S. mortgage foreclosures, delinquencies hit record high

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U.S. mortgage foreclosures, delinquencies hit record high

By Steve Kerch
Last update: 10:00 a.m. EST Dec. 5, 2008

SAN FRANCISCO (MarketWatch) -- The percentage of U.S. mortgage holders who were behind in their payments soared to a record 6.99% of loans outstanding in the third quarter, the Mortgage Bankers Association said Friday, and foreclosures were also at new highs. Just under 3% of U.S. mortgages were somewhere in the foreclosure process, and MBA Chief Economist Jay Brinkmann said mounting job losses were sure to send that figure higher in coming months. Problem loans in California and Florida accounted for much of the increase, the MBA said. More than 19.5% of all subprime loans were seriously delinquent in the quarter, meaning they were more than 30 days past due.


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