According to the most recent foreclosure numbers released by the Mortgage Bankers Association (MBA), the U.S. is embroiled in the worst foreclosure crisis in recorded history. More than 14 percent of subprime borrowers are defaulting, and prime borrowers are beginning to follow suit.
MBA Report Summary
- The foreclosure rate recorded in the last quarter has increased beyond the highest point seen in the history of the MBA survey, which dates back to 1953.
- 14.82 percent of subprime borrowers are currently behind on their home loans.
- The highest percentage of foreclosures are on homes with 2/28 adjustable rate mortgages.
- In states with severe foreclosure issues, like Michigan, one in every 100 homes is in some stage of foreclosure.
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