The Real Deal Miami

U.S. foreclosure rates soar 

June 06, 2008 01:52PM

The Mortgage Bakers Association reported about one in 11 American mortgages were past due or in foreclosure by the end of March. About 8.8 percent of home loans were past due or in foreclosure, or about 4.8 million loans, causing the highest level of new foreclosures and past-due payments since 1979. Foreclosure and delinquency rates have been steadily increasing since 2006.