Troubled Mortgages Highest Ever Recorded

Washington, DC, Aug. 20, 2009--Mortgages either in foreclosure or with at least one payment past due hit 13.16% in the second quarter, the highest percentage ever recorded by the Mortgage Bankers Association.

The delinquency rate for mortgages on one- to four-unit properties rose to a seasonally adjusted 9.24% of all mortgage loans outstanding in the second quarter, up from 9.12% in the first quarter. Mortgages somewhere in the foreclosure process reached 4.3% of all mortgages, up from 3.85% in the first quarter, the MBA said.