Even though the recession ended some time this summer, late payments and foreclosures on residential loans continued on an upward course in the third quarter with delinquencies reaching a record 9.64% — a 40% spike from a year ago.

According to the Mortgage Bankers Association's (MBA) National Delinquency Survey, no loan type was spared: delinquencies on prime and subprime mortgages as well as Federal Housing Administration loans all rose during the quarter, reaching new highs.

Figures compiled by National Mortgage News showed consumers owe $9.8 trillion on their homes, which means (based on the MBA's late payment rate) that $944.7 billion in mortgages are 30, 60 or 90 days late or in foreclosure. Roughly $238 billion in subprime mortgages are delinquent as well.

The national foreclosure rate rose to 4.47% at the end of September, a record, and a 50% jump from a year ago.

The MBA reports delinquencies separate from foreclosures, which means 14.11% of all home owners with a mortgage are either in arrears or in some stage of being foreclosed on.

Given the national unemployment rate of 10.2%, MBA's findings were not unexpected.

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