Sudeep Reddy of the WSJ reports that the number of homes starting foreclosure jumped in the third quarter to the highest level since the Mortgage Bankers Association began keeping track in 1972, while the fraction of homeowners behind in their payments rose to the highest level in 21 years.
Both reflect the continuing credit-market turmoil, a slowing economy and falling house prices.
Foreclosures rose for all types of mortgage loans, according to the association’s quarterly survey. But the upturn was sharpest for adjustable-rate mortgages, including homeowners with better records who are considered to be in the “prime” loan category.
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