Magazine article Mortgage Banking

Mortgage Delinquencies and Foreclosures Up

Magazine article Mortgage Banking

Mortgage Delinquencies and Foreclosures Up

Article excerpt

ACCORDING TO A QUARTERLY SURVEY CONducted by the Mortgage Bankers Association of America (MBA), Washington, D.C., the number of homeowners paying their mortgages late and the number of homes going into foreclosure increased in third-quarter 2000. MBA's National Delinquency Survey (NDS) reports that the delinquency rate for loans on one-to-four-unit residential properties rose 22 basis points to 4.04 percent during the third quarter. The percentage of loans on which foreclosure was started during the quarter increased by 5 basis points to 0.31 percent, and the percentage of loans in the foreclosure process at the end of the quarter dropped 1 basis point to 0.84 percent, according to the NDS. The third-quarter increase in delinquencies was the second consecutive quarterly rise. After falling 71 basis points from the first quarter of 2000, the delinquency rate in the past two quarters has increased by 32 basis points. Delinquencies increased in each of three loan categories. …

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