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foreclosure rates hit 12%We all know that things have been less than ideal for homeowners over the past year, and we got a little clearer picture yesterday of just how bad things have become. According to a new report, 12% of all homeowners in the country were at least one month behind on their mortgage payments, or already in foreclosure at the end of 2008.

The situation is even worse for subprime, adjust-rate mortgage holders. These loans have been blamed as a major reason why the credit market has reached the point where it is now, and according to this report an amazing 48% of these mortgages have either fallen behind or have entered foreclosure proceedings.

Continue reading More dismal news on the foreclosure front

More dismal news on the foreclosure front originally appeared on BloggingStocks on Fri, 06 Mar 2009 08:10:00 EST. Please see our terms for use of feeds.

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