The Foreclosure Silver Bullet

MarketWatch.com reports:

“According to the group’s quarterly delinquency survey, a seasonally adjusted 0.65% of loans on one- to four-unit residential properties entered the foreclosure process during the period, the highest level in the survey’s 55-year history. In the first quarter, when the previous record was set, 0.58% of loans entered the process; a year ago, 0.43% entered the process.

The delinquency survey covers more than 44 million mortgages, meaning more than 286,000 loans entered the foreclosure process during the quarter.

Driving the numbers were the states of California, Florida, Nevada and Arizona, said Doug Duncan, MBA’s chief economist and senior vice president of research and business development, in a news release.

“Were it not for the increases in foreclosure starts in those four states, we would have seen a nationwide drop in the rate of foreclosure filings. Thirty-four states had decreases in their rates of new foreclosure and the increases were very modest in the states with increases, other than those four,” Duncan said.”

The Broken Credit Blog reports: The How To Avoid Foreclosure Seminar is now showing.