Taken from Forbes.com, written by Maurna Desmond

Lenders foreclosed on U.S. mortgages in the first quarter at a rate that hasn’t been seen for nearly three decades, with high-quality loans failing even faster than subprime. The data, released Thursday, was an ominous sign that a housing recovery probably is not in the wings.

The Mortgage Banker’s Association said foreclosures surged 70.7% in the quarter, with 0.99% of outstanding U.S. mortgages entering the process in the first three months of 2008 versus 0.58% during the same time last year. The latest number was the highest rate in 29 years.

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