Record number of U.S. foreclosures

A record number of homeowners entered into foreclosure in the first quarter of this year, according to a report from the Mortgage Bankers Association. The report found that 0.58 percent of loans entered into foreclosure in the first three months of 2007, compared to 0.54 percent in the final quarter of 2006 and 0.41 percent in the first quarter of 2006. The rising number of foreclosures is being attributed to higher interest rates and falling prices, and experts don’t think the trend will reverse itself anytime soon. “Our view is that we will probably see modest increases in delinquencies and foreclosures for the next couple of quarters,” said Doug Duncan, chief economist of the Mortgage Bankers Association. more [WSJ]

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