MBA: Delinquencies Down in All Categories But Subprime ARMs

Posted by Daniel Jones on Nov 19, 2010 5:25:00 PM
Mortgage News Daily reports:

by Jann Swanson on

While foreclosure starts were up, the Mortgage Bankers Association's (MBA) National Delinquency Survey for the third quarter reports significant improvement in most other foreclosure metrics.  For example, the delinquency rate for one-to-four family residential loans dropped 72 basis points from the second quarter to a seasonally adjusted rate of 9.13 percent.  This is also 51 basis points lower than in the third quarter of 2009.  The delinquency rate measures loans that have missed one or more payments but does not include mortgages that are in foreclosure.  When those are added, the overall rate is 13.78 percent, down from 13.97 in the second quarter. 

Loans that were 90 or more days delinquent or in foreclosure represented 8.70 percent of all loans; this is a decrease of 41 basis points from the second quarter and 15 basis points from figures in the third quarter of 2009.  This is the lowest rate of serious delinquency since the second quarter of 2009. 

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