The Real Deal Miami

More U.S. mortgages in default

September 08, 2008 09:56AM

In the second quarter, 9.16 percent of mortgages nationwide on homes in the one-bedroom to four-bedroom range were at least a month late in payment or in some stage of foreclosure, according to a report from the Mortgage Bankers Association. This is up from 6.52 percent from the prior year, and represents the highest percentage of overdue loans since the MBA began tracking the statistic 39 years ago. The rate of mortgages already in the foreclosure process was 2.75 percent, up from 1.40 percent a year earlier. Around 30 percent of subprime loans were overdue in the second quarter, while 5.35 percent of prime loans were.