Thursday, March 6, 2008

Mortgage Delinquency Rate Nears 6%

Almost 6% of all mortgages in the fourth quarter of last year were delinquent, according to the Mortgage Bankers Association. The measure does not include the slightly more than 2% of all homes that were being foreclosed upon. The delinquency rate is the highest since 1985, and the foreclosure rate is a new record.
While sub-prime adjustable rate mortgages make up just 7% of all mortgages, they represent 42% of the foreclosures started during the fourth quarter.

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