MBA: Almost 10% of Homeowners with Mortgages Delinquent or in Foreclosure Process

[RedEarth]

From the Mortgage Bankers Association (MBA): Delinquencies Increase, Foreclosure Starts Flat in Latest MBA National Delinquency Survey

The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.99 percent of all loans outstanding at the end of the third quarter of 2008, up 58 basis points from the second quarter of 2008, and up 140 basis points from one year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

The delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure.
...

The seasonally adjusted total delinquency rate continues to be the highest recorded in the MBA survey.
...
The percentage of loans in the foreclosure process at the end of the third quarter was 2.97 percent, an increase of 22 basis points from the second quarter of 2008 and 128 basis points from one year ago. The percentage of loans in the process of foreclosure set a new record this quarter.

http://calculatedrisk.blogspot.com/2008/12/mba-almost-10-of-homeowners-delinquent.html

[mainegreen]

1. We're house shopping right now. Fully 50% of the houses are delinquent or foreclosed.

And our market is a *good* market, housing and job/economy-wise