Foreclosures Spike Across The Board In Q3 With Even Prime Mortgages Getting Hit

If the Case-Shiller numbers weren’t enough to make you sour on the housing market these might be. The rate of foreclosure increased across the board in Q3 2010, according to the latest report from the Office of Thrift Supervision.

Simultaneously, delinquencies lasting 30 to 59 days increased, while those lasting 90 or more days decreased.

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Photo: Office of Thrift Supervision

The spike in foreclosures even hit prime mortgages in Q3. Some good news: the amount of performing loans remained constant at 87.4%.

More on the foreclosure increase, from the report:

The number of new foreclosures increased to more than 382,000—31.2 per cent more than in the previous quarter and 3.7 per cent more than a year earlier.  The number of foreclosures in process increased to 1.2 million—4.5 per cent more than in the previous quarter and 10.1 per cent more than a year earlier.  The number of completed foreclosures also increased to nearly 187,000—14.7 per cent more than in the previous quarter and 57.5 per cent more than a year earlier.

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Photo: Office of Thrift Supervision

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