Job losses to fuel foreclosures

A record one in ten home loans were delinquent or in foreclosure at the end of September, some 2.2 million homes are expected to enter the foreclosure process in 2008, and with the economy deteriorating the outlook for next year is worse, the Mortgage Bankers Association said today.

Until recently, excess inventory, speculation and lax underwriting by lenders have been the prime drivers of foreclosures in states like California and Florida, the MBA said. States like Michigan and Ohio were hardest hit by unemployment and population loss.

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