Magazine article Mortgage Banking

Mortgage Delinquencies Jump in 4th Quarter

Magazine article Mortgage Banking

Mortgage Delinquencies Jump in 4th Quarter

Article excerpt

ACCORDING TO THE NATIONAL DELINQUENCY Survey (NDS), a quarterly survey conducted by the MBA, the number of homeowners paying their mortgages late increased, while the number of homes going into foreclosure fell in fourth-quarter 2000. The number of loans in the foreclosure process at the end of the quarter rose slightly, according to the NDS, and the delinquency rate for loans on one-to-four-unit residential properties rose 50 basis points to 4.54 percent during the fourth quarter. The percentage of loans on which foreclosure was started during the quarter dropped 2 basis points to 0.29 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 1 basis point to 0.85 percent. The fourth-quarter increase in delinquencies was the third consecutive quarterly rise. After falling 71 basis points from the first quarter of 1998 through the first quarter of 2000, the delinquency rate over the past three quarters has risen by 82 basis points. …

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