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One Million Homes In Foreclosure is a Record

News Flash: 1 Million Homes in Foreclosure Is a Record

The number of homes facing foreclosure in the US continues to climb and is currently over the 1 million mark, which is significant because it's the highest rate ever recorded. One million homes comes out to about 2.5 percent of the loans serviced by members of the Mortgage Bankers Association. Other cheery figures from the MBA's first quarter report: 3 million home loans (6.4 percent) have missed at least one payment, while 737,000 are at least three months past due but not in foreclosure just yet.

Approximately half of the homes in foreclosure are spread among six states — California, Florida, Arizona, Nevada, Ohio, and Michigan. Jay Brinkman, MBA's vide president for research and economics, commented, "Clearly things in California and Florida are going to get worse before they get better."

Source

Join The Conversation
melizzle melizzle 9 years
Same story, over and over. Mortgage companies and home buyers made irresponsible decisions. Clean up your own mess.
bellaressa bellaressa 9 years
There is a great article that interview a couple of women who went into foreclosure in Glamour this month. It's very interesting and eye opening.
Chloe08 Chloe08 9 years
I'm totally not surprised by California and Florida... But Ohio? Seriously?
KatieG KatieG 9 years
I think it is a really good time to buy a home and I found a great article on www.moneylicious.net about how to get a better deal on a home mortgage rate. It's too bad all these folks are losing their homes but working girls might as well take advantage of the good deals out there.
MindayH MindayH 9 years
I feel bad for the families that are getting kicked out. Hopefully the gov't is going to do something about this!
leeluvfashion leeluvfashion 9 years
The economy is absolutly horrible. I feel so much sorrow for these families and I hope that with the next president (only a democrat will change this problem) that people can start to work their way out of these debts.
colormesticky colormesticky 9 years
And even still, nobody my age will be able to afford anything in California.
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