More Than 2 Million U.S. Homes Went into Foreclosure in 2008; 11% of Mortgages ‘in Trouble’

Eleven percent of the nation’s home mortgages were either delinquent by at least one payment, already in foreclosure or entering foreclosure in the third quarter of 2008, according to the Mortgage Bankers Association. The Federal Reserve’s “Flow of Funds” report puts the total value of all home mortgages in the U.S. at $11.2 trillion through the third quarter of 2008, at a time when the Obama administration is talking about a $50- to $100-billion housing rescue plan.