Mortgage Foreclosures Reach Record High

Today’s foreclosure rate as published by the Mortgage Bankers Association is bad news for the housing market.

Doug Ducan, the Mortgage Bankers Association’s chief economist stated that, “The effect of seizure of nonconforming securitization, broad-based housing price declines, continued regional economic weakness and broad-based payment adjustments on adjustable rate mortgages were all working together in the quarter for the first time.”

The amount loans in the foreclosure process in the third quarter rose to 1.69 percent of outstanding loans, which is up .29 percent from the previous quarter. While the rate of loans entering the foreclosure process rose to .78 percent which is up .13 percent from the previous quarter.

To read more about Third-quarter foreclosures reach record high head on over to CNBC.