The number of US borrowers falling behind on their mortgage payments or facing foreclosure rose to record highs in the third quarter and is now set to rise further as job losses mount, the Mortgage Bankers’ Association said yesterday.
Almost 7% of mortgage loans were in arrears in the third quarter, while a further 2.97% were at some stage of the foreclosure process. The MBA estimates that about 2.2m homes will have entered foreclosure proceedings by the end of this year.
Financial Times 06/12/08 page 4
