Foreclosures set another record

September 06th, 2007 | Category: Stocks

More poor news for the struggling real estate market again nowadays. According to the Mortgage Bankers organization, the number of mortgage holders entering the foreclosure process rose to an all day high during the April to June quarter.

The percentage of loans going into foreclosure jumped to a record 0.65 percent during the quarter. And that marks the third straight quarter in a row where foreclosures have climbed to record levels.

The scary part is that the troubles do not seem to be nearing an end. In addition to the

rise in foreclosure proceedings, the quarter plus saw a sizable 0.75% jump in the number of loans that moved into delinquency. Total loans entering delinquency rose to 5.12% of all domestic loans. That is a pretty scary figure. While it is true that not all delinquent loans will progress to the point of foreclosure, it sets the stage for increasingly troubles ahead.

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Original post by Michael Fowlkes

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