Loans enter foreclosure process at record pace in Q2

MBA blames California, Florida, Nevada, Arizona for surge

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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.