Magazine article Mortgage Banking

Mortgage Delinquencies, Foreclosures Rise. (Business Alert)

Magazine article Mortgage Banking

Mortgage Delinquencies, Foreclosures Rise. (Business Alert)

Article excerpt

ACCORDING TO THE NATIONAL DELINQUENCY Survey (NDS), a quarterly survey conducted by the Mortgage Bankers Association of America (MBA), the share of homeowners paying their mortgages late--as well as the percentage of mortgages in the foreclosure process--increased in third-quarter 2001. The delinquency rate for loans on one-to-four-unit residential properties was 4.87 percent in the third quarter of 2001, up 24 basis points from the second quarter of 2001. The percentage of loans in which foreclosure started during the quarter rose 2 basis points to 0.38 percent, while the percentage of loans in the process of foreclosure at the end of the quarter rose 4 basis points to 0.95 percent, the NDS found. The higher delinquency rate can be attributed to the economy entering a recession, resulting in increasing unemployment, said Douglas G. Duncan, the MBA's chief economist. The Sept. 11 terrorist attacks may also be a factor in driving up short-term delinquencies, he said. The delinquency rate increased for each of the three loan types during third-quarter 2001. …

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