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."