12 pct. are behind on mortgage or in foreclosure

Source: AP

Delinquencies and foreclosures set record in 1st quarter, driven by prime loan defaults

NEW YORK (AP) -- An industry report shows that a record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.

The Mortgage Bankers Association said Thursday the foreclosure rate on prime fixed-rate loans doubled in the last year, and now represents the largest share of new foreclosures. Nearly 6 percent of fixed-rate mortgages to borrowers with good credit were in the foreclosure process.

At the same time, almost half of all adjustable-rate loans to borrowers with shaky credit were past due or in foreclosure.

California, Nevada, Arizona and Florida accounted for 46 percent of new foreclosures in the country.

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Or so we're t o l d.

One person said they were pre-qualified for a $150,000. and they would put in bids of twenty thousand more than the asking price and yet big investers were grabbing the properties up before they could find anything.