Prime Mortgage Milestone (Hold Applause)

From The Times‘ Floyd Norris:

Here’s a milestone: There are now more foreclosures on prime mortgages than on subprime ones.

The Hope Now alliance — the lenders’ group put together at the urging of Treasury Secretary Henry M. Paulson Jr — estimates the number of foreclosure proceedings that begin nationally in each month.

The latest figures, for July, put the number at 197,000, the highest for any month since they started keeping track in July 2007.

Of those, 105,000 were prime mortgages, and 92,000 subprime. The June numbers also showed more prime foreclosures initiated.

Prime Mortgage Milestone (Hold Applause)