MANHATTAN – U.S. home foreclosures and homes entering foreclosure reached record highs in the second quarter, the Mortgage Bankers Association reported today. Owners of 1 in 11 U.S. homes are delinquent in payments or in foreclosure. “The national foreclosure numbers continue to be driven by the hardest-hit states continuing to get much worse,” the association’s chief economist Jay Brinkman said in a press release.
California and Florida led the dismal pack, accounting for 39 percent of foreclosures begun in the second quarter and 73 percent of the increase between the first and second quarters, the Association said.
Nationally, 1.2 percent of loans entered foreclosure during the second quarter, up from 1.0 percent during the first quarter and 0.65 percent during the second quarter of 2007, the group reported.
Nationwide, 2.75 percent of loans were at some point in the foreclosure process during the second quarter, up from 2.47 percent in the first quarter and 1.40 percent in the second quarter of 2007.
The national mortgage delinquency rate was 6.41 percent, the highest rate since 1979.