>December 9, 2008
Washington–In a story by James Hagerty and Deborah Solomom, the Wall Street Journal today reported a survey showing that one in 10 American households with mortgages is overdue on payments or in foreclosure, adding pressure on Washington to provide more relief to distressed borrowers.
The Mortgage Bankers Association said its latest survey, released Friday, showed that 10% of mortgages on one- to four-family homes were at least a month overdue or in the foreclosure process in the third quarter. That is up from 9.2% three months earlier and 7.3% a year ago. The current level is the highest since the trade group began such surveys four decades ago.