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Sep 5, 2008 10:00 am US/Eastern
Home Loan Troubles Break Records Again
WASHINGTON (AP) ―
An industry group says a record 9.2 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount.
The latest quarterly snapshot by the Mortgage Bankers Association on Friday broke records for late payments, homes entering the foreclosure process and for the inventory of loans in foreclosure.
The percentage of loans at least 30 days past due or in foreclosure was up from 8.8 percent in the January-March quarter, and up from 6.5 percent a year earlier.
In one bit of positive news, delinquencies on subprime adjustable-rate loans dipped 1 percentage point from the first quarter to 21 percent.
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