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A record high number of homeowners faced a serious threat of foreclosure during the fourth quarter of 2006, according to a survey released Tuesday by the Mortgage Bankers Association.

The percentage of all outstanding loans that entered the foreclosure process was 0.54, 0.08 percentage points higher than the third quarter and the highest ever recorded in the survey. The previous record was 0.50 in the second quarter of 2002.
CNN Money has an interesting article recaping the problems as people try to combat and stop foreclosure throughout America.

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The spike in foreclosures is delivering substantial losses to some home mortgage lenders, shaking investor confidence in the subprime loan market and possibly even prime home loan industry. A slumping housing market and the threat of higher mortgage payments are also raising fears that more homeowners will find themselves unable to service their mortgages or sell their homes, threatening mortgage lenders with further foreclosures and saddling homeowners with ruined credit ratings that cripple their ability to access loans in the future.

This is an excerpt from an article posted on Center for American Progress’ website. You can read the entire article by clicking here.

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