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Really bad, at least if you believe new data out of the Mortgage Banker’s Association. One in every 10 mortgage holders is now officially “delinquent” — that is to say, late on at least one payment. That’s an all-time high. And that’s not the only record we’re setting: About one in 20 loans is now in foreclosure, which also qualifies as a first. All in all, about 15 percent of mortgage-holders are now delinquent or in foreclosure.
Also worrying is where the problems are cropping up. The problem, at least until recently, was largely concentrated in Florida, Arizona, Nevada, and California . But now we’re seeing other states move into the lead: “Washington, Maryland, Oregon, and Georgia showed the greatest overall increases in foreclosures started compared to last quarter,” reports the MBA.
Read more: http://voices.washingtonpost.com/ezra-klein/2010/05/how_bad_is_the_housing_situati.html
