Record Foreclosures in the 4th quarter of 2006

A record high number of homeowners faced a serious threat of foreclosure during the fourth quarter of 2006, according to a survey released Tuesday by the Mortgage Bankers Association.

The percentage of all outstanding loans that entered the foreclosure process was 0.54, 0.08 percentage points higher than the third quarter and the highest ever recorded in the survey. The previous record was 0.50 in the second quarter of 2002.

CNN Money has an interesting article recaping the problems as people try to combat and stop foreclosure throughout America.