Home foreclosures hit record high

Northwestern Financial Review, Jul 15-Jul 31, 2003

U.S. mortgages in foreclosure climbed to a record high in the first three months of 2003 as job losses and personal bankruptcies spiked. Home loans m the process of foreclosure climbed to 1.2 percent of all mortgages in the first quarter, beating the previous high of 1.18 percent set m the fourth quarter of 2002, the Mortgage Bankers Association of America said.

Mortgages entering the foreclosure process rose in the quarter to 0.37 percent from 0.35 percent in the fourth quarter.