Wednesday, September 10, 2008

Record Foreclosure Numbers Reached

The Mortgage Bankers Association announced record foreclosure statistics and increased loan delinquency rates as of the end of June, 2008.

The survey reports "...the rate of foreclosure starts and the percentage of loans in the process of foreclosure set new records." Plus the delinquency rate on residential 1 to 4 unit property loans was up from the first quarter, and also was up year-over-year.

Read more at the Mortgage Bankers Association press release

Not much of a surprise. If you're in the real estate market, you've probably seen an increased number of foreclosure homes offered for sale. We've certainly noticed it. At least, that's our opinion.

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