The combined percentage of loans in foreclosure or at least one payment past due was 14.41% on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey. (Source.)
Last year, only one in 10 were behind. Two years ago, the number was just 7.3%.
- California, Florida, Arizona and Nevada continue to account for the lion’s share of the foreclosure problem; the four represented 44% of all homes beginning the foreclosure process during the quarter.
- In California, 28.8% of all prime ARM loans were delinquent. Many of those were option ARMs. Nationally, 26.6% of all prime ARMs were in foreclosure. That compared with 25.2% of all subprime ARMs and was the first time ever that a prime loan category performed worse than a subprime loan category, according to Brinkmann.