Foreclosure Starts Hit One Million So Far This Year
A dismal milestone was reached over the weekend: One million new foreclosures have been filed so far in 2009, according to estimates by the Center for Responsible Lending. This comes on the heels of a new report from the Mortgage Bankers Association, the first quarter 2009 National Delinquency Survey, showing that 12% of all mortgages are now delinquent—the highest level since the MBA started measuring 37 years ago. "The escalation of foreclosures on all types of loans is alarming," said Michael Calhoun, President of CRL. "It's easy to think, "Well, that's tough luck for the families that lose