Posted Jun 05, 2008 05:49 pm CDT
Updated: A report today by a trade association on troubled mortgages during the first quarter of 2008 says the number of delinquencies, new foreclosures and the inventory of homes in foreclosure are all at the highest level since 1979.
“New foreclosures rose to a seasonally adjusted 0.99 percent of all U.S. home loans, up from 0.83 percent in the fourth quarter,” writes Bloomberg, citing a report by the Mortgage Bankers Association. “The total inventory of homes in foreclosure increased to 2.47 percent and the delinquency rate, loans with one or more payments overdue, grew to 6.35 percent.”
Arizona, California, Florida and Nevada account for the vast majority of the gain in new foreclosures, the article says.
New York Times: “Nearly 1 in 10 Homeowners Face Loan Problems”
Updated at 2:40 p.m., central time, to include New York Times coverage.