Industry data released Thursday indicates the number of borrowers in the United States behind on their mortgage payments is showing signs of improving.
The Mortgage Bankers Association (MBA) reported that the national delinquency rate for residential home loans fell to 7.99 percent in the third quarter.
That’s the lowest reading since the fourth quarter of 2008, and it represents a decline of 45 basis points from the second quarter of this year and a drop of 114 basis points from the third quarter of last year.
The 30-day delinquency rate – typically a precursor of trends to come – reached its lowest level since the second quarter of 2007 at 3.19 percent.
The overall delinquency rate encompasses borrowers who have missed one or more payments but are not yet in foreclosure. While delinquencies fell, the number of borrowers entering the foreclosure process rose.
The percentage of loans on which foreclosure actions were started during the third quarter was 1.08 percent, up 12 basis points from the previous quarter but down 26 basis points from one year ago.
The nation’s foreclosure inventory rate, which includes all loans in foreclosure, was 4.43 percent at the end of the third quarter. That’s the same reading reported for the second quarter, and represents only a 4 basis point increase from a year earlier.
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Tags: reo, foreclosure, short sale, san diego, real estate
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