Mortgage Help

The rate of homes entering foreclosure was nearly triple last year, at an all time high in the latest Mortgage Bankers Association survey.

The rise in foreclosures is mainly due to an increase in the foreclosure rates in Florida, California, Arizona, and Nevada.  Ohio’s foreclosures are twice the national average, and neighboring states are also experiencing problems.

Delinquency on mortgage loans increased substantially, up 16.6% from last year.  The increase in overall delinquency is due to an increase in delinquency for adjustable rate mortgages — delinquency for fixed rate loans actually fell from last quarter.

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