Foreclosure Starts Hit One Million for 2009

According to the D.C.-based nonprofit homeownership research and advocacy group the Center for Responsible Lending (CRL), a dismal milestone was reached over the weekend – the organization says one million new foreclosures have been filed so far in 2009.

CRL’s news comes on the heels of last week’s first quarter 2009 National Delinquency Survey by the Mortgage Bankers Association, showing that 12 percent of all mortgages are now delinquent – the highest level since the industry trade group began compiling delinquency numbers 37 years ago.

The Center for Responsible Lending projects 2.4 million foreclosure starts in 2009.

NAR- are you getting this - no recovery til this problem is handled !