New Foreclosures Relative to Seriously Delinquent Mortgages

January — June 2008

Foreclosures initiated as a percentage of seriously delinquent mortgages declined during the second quarter from 9.98 percent in March to 9.39 percent by the end of June.

With the exception of subprime mortgages, new foreclosures as a percentage of seriously delinquent mortgages declined across all risk categories during the second quarter.

The foreclosures initiated as a percentage of seriously delinquent mortgages ratio was consistently highest for prime mortgages, reflecting both the higher absolute number of new foreclosure actions as well as a lower percentage of seriously delinquent loans.

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