BUSINESS
03/18/2010 05:12 am ET Updated May 25, 2011

Overdue Mortgages And Foreclosures Reach Record Highs

US mortgage delinquency rates and the percentage of loans that entered the foreclosure process jumped in the third quarter, with both reaching record highs, the Mortgage Bankers Association said on Thursday.

The percentage of loans on which foreclosure actions were started rose to 1.42 percent in the third quarter, an all-time high, up from 1.36 percent in the second quarter and 1.07 percent in the third quarter of 2008.

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