Foreclosure Update

3.6 percent of borrowers were at least 90 days late on their payments in December – the highest percentage in more than five years, reported the Mortgage Bankers Association. Even so, it’s important to remember that 96.4 percent of borrowers were on time with their mortgage payments and new foreclosures accounted for only 0.83 percent of all home mortgages in the fourth quarter of 2007, up from 0.54 percent in 2006.
Not as bad as the media would like you to think.