The Mortgage Bankers Association reports that the number of mortgage deliquencies fell to the lowest level in 3 years during the fourth quarter of 2011. But the percentage of loans in foreclosure remains near the peak level of the crisis, indicating the housing market still has many months to go toward recovery.
In Florida, nearly 1 in 7 loans were in foreclosure throughout the state. Florida is one of 23 judicial states that requires court approval of a foreclosure. MBA's chief economist, Jay Brinkmann opined: "Almost every divorce ends in a foreclosure, every job loss ends in a foreclosure."
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