New Foreclosures Relative to Seriously Delinquent Mortgages

New foreclosures as a percentage of seriously delinquent mortgages varied from a low of 8.53 percent in November to a high of 10.76 percent in January.

The ratio was consistently highest for prime mortgages and consistently lowest for subprime mortgages. The lower ratio for subprime borrowers corresponds with the nationwide emphasis on loss mitigation and foreclosure prevention for these higher risk borrowers.

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