More than 1 million homes -- representing a record 2.75% of all mortgages -- were in foreclosure during the second three months of the year.

And that's just the beginning of the alarming results in the Mortgage Bankers Association's most recent survey of 46 million home loans.

An unprecedented 108 out of every 1,000 mortgages (1.09%), or more than 570,000 homes, entered foreclosure during April, May and June.

That surpassed the previous high of 99 out of every 1,000 loans (0.99%) set in the first three months of 2008.

Homeowners with subprime, adjustable-rate loans continue to be the most likely borrowers to be losing their homes, with more than one in 20 of those high-cost mortgages (6.63%) entering foreclosure.

Much of the problem continues to be confined to a relatively few states.

California and Florida continue to lead the nation in foreclosures. Just those two states accounted for 39% of all new filings.

Only six other states had foreclosure rates that were above the national average: Nevada, Arizona, Michigan, Rhode Island, Indiana and Ohio. The remaining 42 states plus the District of Columbia were below the national average.

And there's no reason to believe the current wave of foreclosures will subside anytime soon, because more borrowers continue to fall behind on their payments.

The delinquency rate for all mortgages not in foreclosure rose from 5.82% in the fourth quarter of 2007 to 6.35% in the first quarter and 6.41% in the second quarter of 2008 -- the highest it has been since 1979.

Nearly one in five borrowers with subprime ARMs not in foreclosure are now at least 30 days late with their payments. The delinquency rate for those loans was 18.67%.

If you're worried about losing your home, check our advice on how to avoid foreclosure.