During the 3Q the percentage of mortgages 90 days past due, in foreclosure, and foreclosures started set record highs.  The combined percentage of mortgages in foreclosure or at least one payment past due was 14.1%, the highest level ever recorded in the Mortgage Bankers Association's delinquency survey. 




These delinquency figures will be high and are likely to rise throughout 2010 as unemployment, ARM resets and failed Government foreclosure mitigation initiatives run their course.  There has not been, nor will there be, a stabilization of housing prices or a sustainable economic recovery until mortgage foreclosures are resolved by the free market.  This is the reality of The Affordable Mortgage Depression.