2Q Turns in Dire Mortgage Delinquencies Numbers

The mortgage delinquency rate hit another record last quarter.

Among mortgage loans on one-to-four-unit residential properties, 6.41% of them were not current on a seasonally adjusted basis at the end of the second quarter of 2008, up 129 basis points from the same quarter in the previous year, according to the Mortgage Bankers Association’s National Delinquency Survey.

Worse were foreclosures. The percentage of loans in the foreclosure process at the end of the second quarter was 2.75%, 135 basis points higher than the year previous.

Click here for more details on the survey.