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Record 1.2 million homes hit by foreclosure
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NEW YORK (CNNMoney.com) -- A record 1.2 million homes were in foreclosure during the second quarter of 2008. That represents 2.8% of all outstanding loans, up from 1.4% of all loans during the same period a year ago, according to a report released Friday by the Mortgage Bankers Association (MBA).
And 490,000 of the 45 million home mortgages serviced by MBA members began new foreclosure proceedings. That's up 9% from the 448,000 starts recorded in the previous quarter, and marked the seventh straight quarter that foreclosure starts increased.
The delinquency rate, which measures mortgages that aren't in foreclosure but have missed least one payment, also hit a record high.
During the three months ended June 30, 2.9 million homeowners, or 6.4%, were behind on their payments, up more than 25% from last year.
The MBA has been tracking foreclosure and delinquency data since 1979.
"The national foreclosure numbers continue to be driven by the hardest hit states that are continuing to get much worse," said Jay Brinkmann, MBA's Chief Economist. "The increases in foreclosures in California and Florida overwhelmed improvements in states like Texas, Massachusetts and Maryland."
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