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by CareyBot

Speculators walking away from adjustable-rate mortgages in the West and Florida helped push the rate of foreclosure starts to a record high in the first quarter, the Mortgage Bankers Association said Thursday. The rate of loans entering the foreclosure process in the first quarter of 2007 was .58 percent, up four basis points from the fourth quarter of 2006 and 17 basis points from a year ago. In presenting the results of its latest National Delinquency Survey, the industry group said the rate of foreclosure starts nationwide would have fallen if not for increases in four states -- Florida, Nevada, California and Arizona. MBA Chief Economist Doug Duncan said foreclosures in those states "are heavily influenced by speculators" with adjustable-rate loans who are "walking away fr...