Our Awful Situation
Mortgage Foreclosures Rise to New Heights
Even more “no duh” news from CNBC:
U.S. home foreclosures and the rate of homes entering the foreclosure process rose to record highs in the first quarter with increases across many loan classes, the Mortgage Bankers Association said on Thursday.
The rate of failing loans was led by a growing wave of subprime borrowers unable to make payments, the trade group said in its delinquency and foreclosure survey.
A record 0.99 percent of U.S. loans were entering the foreclosure process in the first three months of 2008 compared with 0.58 percent in the same time a year earlier.
The U.S. mortgage delinquency rate of 6.35 percent was the highest since 1979 when the trade group began its current method of measuring failing home loans.
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