Foreclosures Reach Record High in 3rd Quarter of 2007

The Mortgage Bankers Association said that the rate of homeowners going into foreclosure hit a record high in the third quarter of 2007, while those late with their payments rose to the highest level since 1986, according to MBA reported that 0.78 percent of mortgages entered the foreclosure process in the three months ended Sept. 30, 2007.

That figure is up from 0.65 percent in the second quarter – the previous record high – and more than double the 0.32 percent rate a year earlier. The report also showed that 5.59 percent of borrowers are now at least 30 days late making their mortgage payments, while 1.26 percent of the borrowers were 90-plus days late and at risk of going into foreclosure. The homeowners entering foreclosure brought the total percentage of loans in the foreclosure process to a record high of 1.69 percent, or 768,000 homes.