Record Highs in the Mortgage Industry

Unfortunately, reaching highs is not necessarily a good thing. The Mortgage Bankers Association has released data that shows a staggering number of delinquencies and foreclosures in the first quarter. This data has been attributed to record unemployment numbers, as well as to other damaging side effects of the financial crisis.
 
The survey revealed that around 12.07 percent of mortgage loans were affected by delinquency or foreclosure, which is the largest number that the survey has recorded since it began in 1972. It also marks a rise of 8 percent since a year ago. 

Although the government has taken steps to reduce foreclosure rates, the data shows that the government either may not be doing enough or that it may need to change how it goes about doing so. Part of the difficulty in turning around the foreclosure situation has been that once-reliable borrowers have now begun to have trouble paying their mortgages, leading to a flood of troubled loans far beyond anything that has been seen before.

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