A record 1.2 million homes were in foreclosure during the second quarter of 2008.
That represents 2.8% of all outstanding loans, up from 1.4% of all loans during the same period a year ago, according to a report released Friday by the Mortgage Bankers Association (MBA).
And 490,000 of the 45 million home mortgages serviced by MBA members began new foreclosure proceedings. That’s up 9% from the 448,000 starts recorded in the previous quarter, and marked the seventh straight quarter that foreclosure starts increased.
The delinquency rate, which measures mortgages that aren’t in foreclosure but have missed least one payment, also hit a record high.
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