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Mortgage Meltdown Continues

WASHINGTON - Home foreclosures hit a record high of 0.78 percent in the third quarter this year, the Mortgage Bankers Association announced today. Delinquency rates hit 5.59 in that quarter, from June to September, the highest rate since 1986. Also, 4.72 percent of subprime, adjustable rate mortgages entered foreclosure in the third quarter, a 0.88 percent increase from the second quarter, and 18.85 percent of subprime mortgage payments were late, the bankers reported.

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