About 7.88% of all mortgages outstanding on one to four unit residential properties were at least one payment past due during the 4th quarter 2008, and another 3.3% were in foreclosure. The combined delinquency and foreclosure rate of 11.18% was a record, as were the percentage of loans 60 days or 90 days or more past due.

While the rate of new foreclosures remained essentially flat for the last three quarters of 2008, foreclosure inventory and the percentage of loans 90 days or more past due jumped sharply in the fourth quarter