Mortgage Info for borrowers with bad credit
Foreclosure

Foreclosures Hit Record Highs

June 5, 2008 - Home foreclosures soared to 0.99 percent in the first quarter of 2008, the highest rate since 1979.

This latest report encapsulating the mortgage market, released Thursday by the Mortgage Bankers Association, shows mortgages falling into foreclosure from January through March surpassing the previous high of 0.83 percent in the last quarter of 2007. The record high figures are expected to continue rising, a sign of the increasing damage from the housing market collapse.

In addition to foreclosures, more and more homeowners are falling behind on their monthly mortgage payments. The delinquency rate, reflecting payments 30 or more days past due, jumped to 6.35 percent in the first quarter of 2008. In the final quarter of 2007, the delinquency rate was 5.82 percent.

The rate of late payments also set a record as the highest since 1979.

According to the Association, the swiftly falling home prices across the country are the biggest factor for rising foreclosures and late payments. When borrowers run into trouble (divorce, loss of job, other economic difficulties) the impulse is to sell the home. But with today's market, that's increasingly an impossibility. The continuing fall of home prices will mean a continuation of foreclosures and delinquencies.

The Association also released figures documenting which sectors of the population were hardest hit. Homeowners with subprime adjustable-rate loans had the most foreclosures and late payments, with 6.35 percent of this group beginning the foreclosure process and 22.07 percent behind on payments.

Even prime borrowers are feeling the pain. The percentage of prime borrowers with adjustable-rate mortgages who fell into foreclosure reached 1.55 percent, and the delinquency rate rose to 6.78 percent.

Accounting for 89 percent of the total increase in new home foreclosures are those states continually making housing market headlines: California, Florida, Nevada and Arizona.

Washington Post Articles:
http://www.washingtonpost.com/wp-dyn/content/article/2008/06/05/AR2008060501697.html

 

Visit the nations #1 site for foreclosures and find homes for half the price.

Learn more about foreclosure types, foreclosure problem, straw buyers, how to invest in foreclosed properties, and more in our continuing series

 

 

Follow the link to continue reading this article

Alt-A Mortgages Reset, Start Second Wave of Mortgage Fallout

FDIC Floats New Foreclosure Prevention Plan

How Soon Will the Fed Reverse Course on Rates?

Foreclosure: Avoid Losing Your Home

Homeowner's Equity Hits Historic Low, June 2008

Foreclosure Rate Continues to Climb

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state

iPad for Mortgage Rates