The Mortgage Bankers Association on Friday released its National Delinquency Survey for the second quarter. Here are the ugly details:

From the Mortgage Bankers Association:

The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.41 percent of all loans outstanding at the end of the second quarter of 2008, up six basis points from the first quarter of 2008, and up 129 basis points from one year ago on a seasonally adjusted basis....

Henry Blodget has an interesting interview with Yale Professor Robert Shiller on the housing crisis. Watch the video here. Highlights are below:

From Yahoo! Finance:

Home price declines are already approaching those in the Great Depression, when they plunged 30% during the 1930s. With prices already down almost 20%, it's not a stretch to think we might exceed that drop this time around.

First American CoreLogic recently released a study that ranks America's top 10 riskiest areas in which to make a home loan.

From First American CoreLogic, via Mortgage Insider:

The Q3 2008 Core Mortgage Risk Index (CMRI) (Exhibit 2) has risen 12% above a year ago and increased for eleven of the last twelve quarters. The CMRI—which forecasts delinquency risk—is currently 55% above the base period of Q1 2002, a period near the end of the last U.S. economic recession. Although significantly higher now than during this base period, the CMRI is likely to continue rising nationally over the next 18 months....

Markets with high levels of mortgage risk are typically characterized by home price declines, higher than average fraud and collateral risk, and a struggling local economy. However, in the current phase of the cycle, the largest factor driving mortgage performance—by far—is home price declines....

Add this to the growing list of creative uses of foreclosed homes:

From Southern California Public Radio:

A foreclosure in the Riverside County town of Lake Elsinore has apparently become a den for wild bobcats. Neighbors spotted the felines lounging in a backyard and slinking across a wide fence. People occasionally spot bobcats wandering through the neighborhood.

We've got an update in the case of the parking ticket foreclosure.

Milwaukee is reportedly continuing its legal fight against a man whose failure to pay a $50 parking ticket led to the foreclosure of his home—even after the mayor promised intervene on the man's behalf. The man, Peter Tubic, 62, got the ticket in 2004. He said he didn't pay it because of health problems and the death of his father. Overdue charges drove the fine up to $2,600, according to the Milwaukee Journal Sentinel, before the city turned to foreclosure on the house to try to collect.

The National Association of Home Builders and Wells Fargo recently released a joint report ranking the nation's most—and least—affordable housing markets in the second quarter of 2008.

Here's what they found:

Here's some more surprising fallout from the housing crisis.

The Arizona Republic is reporting that a large number of foreclosed homes are being turned into so-called "drophouses," which smugglers use to hide illegal immigrants until their payment arrives.

From the Republic:

The largest concentrations of Valley drophouses are in the same west Phoenix and Mesa neighborhoods that have the largest share of foreclosures, a comparison of drophouse and foreclosure data shows.