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US home foreclosures rose to new highs in the fourth quarter of 2007 as loan delinquencies jumped to a 22-year high, according to data from the Mortgage Bankers Association.
Just over 2 per cent of all US home loans were in the foreclosure process at the end of the fourth quarter, an increase of 35 basis points from the third quarter of 2007 and 85 basis points from one year earlier, agency AFP reported today.
The foreclosure rate was the highest since the bankers' group began tracking such data.
The total delinquency rate, reflecting those who are late on making payments, rose to 5.82 per cent, the highest in the MBA survey since 1985.
- NZHERALD STAFF
