One in 8 Mortgages Overdue or in Foreclosure

(CN) - Twelve percent of homeowners are behind on their payments or in foreclosure, the Mortgage Bankers Association reported today. Nearly 6 percent of fixed-rate mortgages to people with good credit were in some stage of foreclosure, and nearly half of adjustable-rate mortgages were overdue or in foreclosure, The Associated Press reported in summarizing the Mortgage Bankers Association's report.

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