Mortgage delinquencies rose sharply from July through September, the Mortgage Bankers Association said Monday in a report it said was further proof the economy is in a downturn.
The association survey found the delinquency rate was 5.0 percent, up from 4.52 percent in the second quarter and 4.41 percent in the first. The rate in the third quarter of 1989 was 4.96 percent.
The survey also found that foreclosures had risen slightly. The 0.33 percent rate compared with a 0.31 percent rate in the previous quarter.