Loans enter foreclosure process at record pace in Q2

MBA blames California, Florida, Nevada, Arizona for surge

The rate of mortgage loans entering the foreclosure process during the second quarter broke a new record, the Mortgage Bankers Association said Thursday, and the worst may be yet to come.

The rate of loans entering the foreclosure process hit a record 0.65 percent, compared with 0.58 percent during the previous quarter and .43 percent during the second quarter of 2006.