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Foreclosures hit record high (again)

Posted by Binyamin Appelbaum December 6, 2007 01:02 PM

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The share of subprime borrowers in Massachusetts who have fallen behind on their mortgage payments ranks fifth-highest among all states, trailing only Ohio, Michigan, Mississippi and Rhode Island, according to new data from the Mortgage Bankers Association.

The trade group reported that 28.41 percent of subprime borrowers in Massachusetts are delinquent on their payments. Lenders have initiated foreclosure proceedings against almost one in three of those borrowers.

The data measures activity during the three months ending with September.

The pace of new foreclosures nationwide continued to accelerate. Lenders opened foreclosure proceedings against 32 of every 1000 subprime borrowers during the third quarter, setting a record for the second straight quarter.

Ovearll, about 236 in every 1000 subprime borrowers have fallen behind on their payments, including those now facing foreclosure. In Massachusetts, the number is about 284 in 10000 subprime borrowers. (Both numbers exclude those who have already foreclosed, a rapidly expanding group whose inclusion would make the overall picture that much bleaker.)

The situation is better among prime borrowers. Only 33 in 1000 are behind on payments. Since most borrowers have prime loans, the overall delinquency rate is only the worst since 1986. The situation among subprime borrowers is, by itself, easily the worst in the survey's history.

This blog is not written or edited by Boston.com or the Boston Globe.
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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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