In economic news, a new report has revealed nearly ten percent of American mortgages were past due or in foreclosure at the end of March. During the first quarter of the year, homeowners lost their homes at a record rate. The Mortgage Bankers Association said nearly 450,000 loans fell into foreclosure between January and March. Nearly three million other homeowners are now behind on their monthly payments. Meanwhile, the amount of equity people have in their homes has fallen to the lowest level on record. Overall American households saw their net worth decline by $1.7 trillion in the first quarter of the year.