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A recent homeowners trade groups has reported that the number of home foreclosures has hit a record high. The Mortgage Bankers Association reported that over a million homes across the country are in foreclosure. Six states have been hit particularly hard by foreclosures including California, Florida, Arizona, Nevada, Michigan and Ohio. Economists and mortgage specialists think that the trend will continue well into next year.

The association reported that 2.5% of all loans being serviced by its members are now in foreclosure. That's an increase from the 2% at the end of 2007. The numbers also indicate that roughly 500,000 homes have started the foreclosure process in the first quarter of this year. The number of homeowners missing payments has also increased. Around 6% have missed at least one payment, while about 700,000 homes are at least three months past due.

Homeowners with Adjustable Rate Mortgages (ARMs) make up nearly 40% of those homes that are at least a month or more late in payments or starting foreclosures. Subprime ARMs account for an additional 39% of the loans that fell into foreclosure during the first quarter. Fixed rate loans, traditionally lower risk, have also seen some trouble because of so-called Alt-A type loans which didn't require income verification for buyers with good credit. Many owners who took the loans have become overextended on monthly payments, forcing them into foreclosure.