MBA Survey: 9%+ Of All Mortgages On 1-4 Family Homes Are Delinquent Or In Foreclosure

The Wall Street Journal reports:

• The rate of U.S. home mortgages overdue or in foreclosure rose again in the second quarter as housing markets weakened, particularly in California and Florida, and more borrowers defaulted on so-called prime loans. Among mortgages on one- to four-family homes, 9.16% were at least a month overdue or in the foreclosure process in the second quarter, according to the latest survey by the Mortgage Bankers Association, a trade group. That is up from 6.52% a year earlier and is the highest level since the MBA began such surveys 39 years ago.

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• For prime loans, 5.35% of loans were past due or in foreclosure in the latest quarter. For subprime, the rate was about 30%.

For more, see Foreclosures, Overdue Mortgages Increase Again (Troubles Extend Into Prime Loans Via Option ARMs).