Delinquent home mortgages in U.S. reach record high

The percentage of U.S. home mortgages either going through foreclosure or being classified as delinquent has reached the highest level since records began in 1972, the Mortgage Bankers Association said. In the second quarter, 9.24% of mortgages were delinquent, and 4.3% already were in the process of foreclosure. Prime loans, made to the most desirable borrowers and considered the least risky by lenders, accounted for more than half of the mortgages in foreclosure. Rising unemployment and the recession are driving forces behind the housing crisis, said Jay Brinkmann, chief economist for the Mortgage Bankers Association.

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