The delinquency rate for mortgages in the first quarter hit a record 6.4%, according to the most recent figures from the Mortgage Bankers Association. That figure does not include loans on which foreclosure has begun, which made up another 2.5% of all U.S. mortgages. Both figures are the highest since 1979.
Adjustable rate mortgages made up 39% of the first quarter's foreclosures. More than 60% of the quarter's foreclosures were in California, Florida, Arizona and Nevada.
The slim silver lining for this cloud is that 20 states saw declines in the number of foreclosures during the first quarter.