Foreclosures hit record mark

The weak economy has pushed home loan foreclosures nationwide to a record level, but there are signs the worst is over for people struggling with mortgage payments.

The Mortgage Bankers Assn. of America said Tuesday that the percentage of loans in foreclosure rose to 1.15 in the third quarter of last year, up from 1.13 in the second quarter and the highest level since the trade group began tracking them in 1979. The previous high of 1.14 was set in 1998.

“There’s some good news in this survey,” said Doug Duncan, chief economist for the association. Delinquencies, defined as loan payments more than 30 days past due but not in foreclosure, declined to 4.66% from 4.77% in the second quarter. Delinquencies typically indicate future trends in foreclosures.