Mortgage delinquencies for U.S. homes in the fourth quarter of 2008 rose to a new record high, with one homeowner out of eight behind on one or more mortgage payments, according to a report from the Mortgage Bankers Association on Thursday.
The result is above the 6.99% rate reported in the third quarter, the previous record high.
The organization also said that foreclosure rates in the United States reached a record 3.3% in Q4, compared to a 2.97% rate in Q3 and a 2.04% rate in Q4 2007.
The report found that 5.06% of prime mortgages were considered delinquent, compared to 4.34% the prior quarter, and 21.88% of subprime mortgage holders were behind on payments, up from 20.03% previously.
By Erik Kevin Franco and edited by Sarah Sussman
©CEP News Ltd. 2009