Home foreclosures at an all time high

Home loan foreclosure rates are at a record high according to the Mortgage Bankers Association in United States. MBA said that "0.65 percent of the total home loans were foreclosed which is 7 basis points higher than Q1 and 22 basis points higher from a year earlier. It was the 3rd quarter in a row in which foreclosure rates rose to a record setting level and the worst if likely still ahead".

Mortgage Bankers Association chief economist Douglas Duncan indicated that the the foreclosures and delinquencies may rise and the peak may not hit the market for another year as many borrowers face the increase in payments on their ARM based Mortgages.

MBA also indicated that the fastest delinquencies are concentrated in states like California, Nevada, Florida and Arizona. The average national figures representing the overall delinquency is certainly on the rise, but the majority of the failures are concentrated in the above states.