Louise Scoggins' Blog: Foreclosures

Foreclosures Hit Record Highs…Again

In a report published by the Mortgage Banker's Association last week, research shows that foreclosures hit another all time high for the 4th quarter of 2007. The 4th quarter statistics show that 0.83% of all mortgages are now in foreclosure, beating out the previous high of 0.78% -- set (oh so very long ago) in the 3rd quarter of 2007.  The last time the foreclosure rate was this high was some 20 years ago in 1985.

A whopping 30% of all foreclosures are found in the notoriously popped bubble markets of Florida and California. These two states, along with Arizona and Nevada, are also so overbuilt with new construction homes that the Mortgage Banker's Association predicts it will be a long time before the housing economy…