Foreclosures hit a record high — and more coming

The Mortgage Bankers Association on Thursday released their quarterly report which said that "1 percent, or roughly 447,723 loans, fell into foreclosure during the January-to-March period that surpassed the previous high of 0.83 percent over the last three months in 2007."

The report also found that more homeowners slipped behind on their monthly payments. The delinquency rate jumped to 6.35 percent — or 2.87 million loans — compared with 5.82 percent for the previous three months. Payments are considered delinquent if they are 30 or more days past due.