Mortgage Troubles Rise to Record Level
Despite government and industry efforts, the number of homeowners falling behind on their mortgages or already in foreclosure climbed during the third quarter and is poised to accelerate as the country’s recession deepens, the Washington Post reported on Saturday. About 6.99 percent of mortgage loans were delinquent during the quarter, according to the survey by the Mortgage Bankers Association, an industry group. Another 2.97 percent were in the foreclosure process — the highest level since the survey was established in 1979. Taken together, about 10 percent, or one in 10, home mortgages are now in some form of distress. At the current rate, lenders will start foreclosure actions against 2.2 million homes this year.






