Magazine article Mortgage Banking

California Mortgage Delinquencies Fall in QI

Magazine article Mortgage Banking

California Mortgage Delinquencies Fall in QI

Article excerpt

THE CALIFORNIA MORTGAGE BANKERS Association (CMBA), Sacramento, California, announced the delinquency rate for mortgage loans on one-to-four-unit residential properties in California declined 55 basis points (bp) to 2.13 percent during the first quarter of 2004. The percentage of loans in which foreclosure was started during the quarter fell 1 bp to 0.17 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell 4 bp to 0.33 percent.

"In the first quarter, we see some leveling off of delinquencies as energy prices have subsided and low interest rates have sparked a mortgage origination and refinance wave," said Matthew M. Soto Sr., CMBA chairman. "The spike in delinquencies came in the first quarter of 2000, when rising energy prices cut into homeowners' disposable income and ability to pay."

The delinquency rate varied for each of the three loan types during the first quarter of 2004. The rate of conventional loans was 1. …

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