'Foreclosure delinquencies, foreclosures highest since 1972'

Foreclosure delinquencies, foreclosures highest since 1972

06/03/09 09:34

The 1st quarter of 2009 saw an increased number of mortgage delinquencies and impending foreclosures, according to a report released by the Mortgage Bankers Association.

According to the report, nearly 12.07 percent or mortgage loans were either in the foreclosure process or delinquent, making it the highest ever since the survey started in 1972.

One major reason cited for this record is the ever-increasing unemployment rate.

Link: Mortgage delinquency and foreclosures reach record high

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