A Mortgage Bankers Association’s (MBA) National Delinquency Survey maintains second quarter delinquencies and foreclosures declined.
The report noted the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.24 percent of all loans outstanding at the end of the second quarter of 2017 – adding the delinquency rate was down 47 basis points from the previous quarter and 42 basis points lower than one year ago.
“In the second quarter of 2017, the overall delinquency rate was at its lowest level since the second quarter of 2000,” Marina Walsh, MBA’s vice president of Industry Analysis, said. “The foreclosure inventory rate was at its lowest level since the first quarter of 2007. In addition, the seriously delinquent rate, which combines loans that are 90 days or more past due with those loans in the process of foreclosure, dropped to a ten-year low.”
MBA officials said the delinquency rate includes loans at least one payment past due but does not include loans in the process of foreclosure while the percentage of loans in foreclosure at the end of the second quarter was 1.29 percent – down 10 basis points from the previous quarter and 35 basis points lower than one year ago.