Foreclosure Rates

The Wall Street Journal reported that “ore than a tenth of American households with home mortgages are overdue on payments or in foreclosure, according to a new survey.

The Mortgage Bankers Association’s latest survey, released Thursday, showed that about 11% of mortgages on one- to four-family homes were at least a month overdue or in the foreclosure process at the end of 2008. That seasonally adjusted figure is up from 10% three months before and 8% a year earlier. The current level is the highest since the trade group began such surveys nearly four decades ago.”

Also, A Mortgage Banker’s Association survey shows that Florida leads the nation with one in five (yes, that is 20%) home loans one month or more past due, the highest delinquency rate among the 50 states. Of those, almost 9% (320,000 homes) were in foreclosure, compared to a nationwide level of 12% delinquent and 3.3% in foreclosure, representing 1.9 million properties.