Home Foreclosures Soar on Subprime Woes

Washington, DC, December 6, 2007--Home foreclosures hit an all-time high in the third quarter, according to the Mortgage Bankers Association.

The association said that .78% of all mortgages began the foreclosure process, which beat the previous high of .65% the previous quarter.

In addition, more homeowners missed monthly payments.

The delinquency rate for all mortgages climbed to 5.59% in the third quarter, up from 5.12 percent in the second quarter. It was also the highest number since 1986.

Adjustable rate loans also took their toll.

The percentage of subprime adjustable-rate mortgages that entered the foreclosure process rose to a record of 4.72 % in the third quarter, up from 3.84% in the second quarter.