Magazine article Mortgage Banking

Big Drop in Home Mortgage Delinquencies in Q4 2010

Magazine article Mortgage Banking

Big Drop in Home Mortgage Delinquencies in Q4 2010

Article excerpt

The National Delinquency Survey (NDS) published by the Mortgage Bankers Association (MBA) for last year's fourth quarter showed a sizable drop in the seasonally adjusted delinquency rate for single-family mortgages. The rate dropped 91 basis points from the third-quarter delinquency rate and 125 basis points from the year-ago level.

The fourth-quarter 2010 seasonally adjusted delinquency rate for one-to-four-unit residential properties slid to 8.22 percent, MBA reported. The non-seasonally adjusted delinquency rate also declined by 46 basis points to 8.93 percent from the third quarter's rate of 9.39 percent.

MBA Chief Economist Jay Brinkmann said, "These latest delinquency numbers represent significant, across-the-board decreases in mortgage delinquency rates in the U.S. Total delinquencies, which exclude loans in the process of foreclosure, are now at their lowest level since the end of 2008. Mortgages only one payment past due are now at the lowest level since the end of 2007, the very beginning of the recession."

There was a modest decline in the percentage of loans on which foreclosure had been started during the fourth quarter, according to the NDS. …

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