Photo: Flickr / HacksHaven
The Mortgage Bankers Association stated today that the delinquency rate has declined to a seasonlly adjusted rate of 7.4 per cent. On a non-seasonally adjusted basis, the delinquency rate fell to 11.33 per cent, which is the lowest the rate since 2008.The combined percentage of loans in foreclosure or at least one payment past due was 11.33 per cent on a non-seasonally adjusted basis, a 120 basis point decrease from last quarter and was 98 basis points lower than a year ago. This was the lowest that this measure has been since 2008.
Mortgage delinquencies normally fall during the first quarter of the year, but the declines we saw were even greater than the normal seasonal adjustments would predict, so delinquencies are clearly continuing to improve.
However, four states – Maryland, Delaware, New Jersey, and Washington – saw their 90+ day delinquency rates increase. Along with that, 41 states had decreases in foreclosure starts and 22 had decreases in loan foreclosure rate.