More than 1 million more borrowers -- a record 2% of all mortgages -- were in foreclosure at the end of last 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 83 out of every 1,000 mortgages (0.83%) entered foreclosure during the final three months of 2007.

That surpassed the previous high of 78 out of every 1,000 loans (0.78%) set in the third quarter (July, August and September) of 2007.

Homeowners with subprime, adjustable-rate loans continue to be the most likely borrowers to be losing their homes, with one in 20 of those high-cost mortgages (5.29%) entering foreclosure.

Two states -- California and Florida -- continue to lead the nation in foreclosures, accounting for 30% of all new filings.

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 rose from 5.50% in the third quarter to 5.82% in the fourth quarter -- the highest it's been since 1985.

One in five borrowers with subprime ARMs are now at least 30 days late with their payments. The delinquency rate for those loans rose from 18.81% to 20.02%, another new record.

If you're worried about losing your home, check our advice on how to cope with rising mortgage payments and how to avoid foreclosure.