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More bad news for the struggling real estate market again today. According to the Mortgage Bankers Association, the number of mortgage holders entering the foreclosure process rose to an all time high during the April to June quarter.
The percentage of loans going into foreclosure jumped to a record 0.65 percent during the quarter. And this marks the third straight quarter in a row where foreclosures have climbed to record levels.
The scary part is that the troubles do not seem to be nearing an end. In addition to the rise in foreclosure proceedings, the quarter also saw a sizable 0.75% jump in the number of loans that moved into delinquency. Total loans entering delinquency rose to 5.12% of all home loans. That is a pretty scary figure. While it is true that not all delinquent loans will progress to the point of foreclosure, it sets the stage for more troubles ahead.
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