Foreclosure rate climbs to a record

U.S. mortgages in foreclosure climbed to a record high in the first three months of 2003 as job losses and personal bankruptcies forced more people out of their homes, according to the Mortgage Bankers Assn. of America.

Home loans in the process of foreclosure climbed to 1.2% of all mortgages in the first quarter, compared with the previous high of 1.18% in the fourth quarter of 2002, the trade group said.

Mortgages entering the foreclosure process rose in the first quarter to 0.37% from 0.35% in the fourth quarter.

Foreclosure rates rose in the Northeast, the North Central region and the South but held steady in the West. More homeowners fell behind on their mortgage payments in the South and North Central region; fewer in the Northeast and West were late in their payments.