NUMBER OF HOMES IN FORECLOSURE CLIMBS TO RECORD HIGH
June 28, 2003
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WASHINGTON — The percentage of homes in the foreclosure process climbed to a record high in the first three months of 2003, as homeowners had trouble making ends meet amid economic hard times according to a Mortgage Bankers Association of America quarterly survey. The survey covers more than 33 million mortgage loans.
In the January-March quarter, the percentage of home loans in foreclosure rose to a record high of 1.20 percent, surpassing the previous all-time quarterly high of 1.18 percent in the fourth quarter of 2002.
“If the economy continues to just muddle along … you’re not going to be seeing very rapid improvements in the delinquency numbers,” said Doug Duncan, chief economist at the Mortgage Bankers Association of America.
SOURCE: HoustonChronicle.com / BKInformation.com
