Friday, June 15, 2007

Foreclosure Rate Hits All-Time High

According to the Mortgage Bankers Association, the number of foreclosures in the first quarter of this year was the highest it's been in the fifty years that foreclosures have been tracked. More than one half of one percent of all mortgages were foreclosed in that three month period, roughly one out of every 172 homes.
Sub-prime mortgages were especially hard hit; 2.43% of all subprime mortgages were foreclosed upon between January 1 and March 31.
Economic experts are split as to whether the worst is yet to come.

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