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Here is some more bad news for the housing industry.
More people in Washington are behind on their mortgage payments this quarter, according to data from the Mortgage Bankers Association.
The delinquency rate for residential mortgage loans in Washington rose to 3.38 percent at the end of the second quarter, up from 2.98 percent at the end of the first quarter. The amount of loans being foreclosed in the state also rose to 1.04 percent from 0.89 percent.
Washington is still doing much better than most of the country, ranked for the quarter at No. 45 in delinquencies and No. 44 in foreclosures started. The state also has 14 percent nonprime borrowers, compared to 19 percent nationwide, according to the D.C.-based group.
California and Florida continue to be the hardest hit. The two states accounted for 39 percent of all foreclosures in the second quarter.
The national delinquency rate for the second quarter was 6.41 percent, a jump last year's 5.12 percent. This quarter's rate is the highest since the agency began recording statistics in 1979.
"The national foreclosure numbers continue to be driven by the hardest hit states continuing to get much worse," said Jay Brinkman, MBA's chief economist and senior vice president for research and economics, in a news release.
