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.

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