WASHINGTON (AP) - An industry group says a record 1 in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.
The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2% in the April-June quarter, and up from 7.3% a year earlier.
There were, however, some modest signs of stabilization. The percentage of loans on which new foreclosures were started was 1.07% in the third quarter, flat from the second quarter.
(Copyright 2008 by The Associated Press. All Rights Reserved.)