One in seven homeowners with a mortgage is past due or in foreclosure, according to the Mortgage Bankers Association's latest report on home loan delinquencies. That's up from one in eight a year ago and one in 11 two years ago. Although there was a dip in the share of homes in foreclosure, the report shows that the foreclosure epidemic continues, with millions of homes still at risk.
This data comes on the heels of a report issued this week by the State Foreclosure Prevention Working Group that shows over 60% of seriously delinquent borrowers are not getting any assistance at all from their mortgage servicing company.
"Does it matter if we're drowning a little bit less?" asked Julia Gordon of the Center for Responsible Lending, responding to the slight decline in foreclosures. "With millions of homeowners at risk and only a fraction of them receiving any help from their mortgage servicer, it's time to implement mandatory measures to stop foreclosures and help the housing market recover. In fact, it's past time."