Housing
Mortgage Bankers Says Delinquencies Rising, Set New Record
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The Mortgage Bankers Association released their numbers for delinquencies on home loans at the end of the third quarter.
The group reported that "the delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.99 percent of all loans outstanding at the end of the third quarter of 2008, up 58 basis points from the second quarter of 2008, and up 140 basis points from one year ago on a seasonally adjusted basis."
The report added that "the delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the third quarter was 2.97 percent, an increase of 22 basis points from the second quarter of 2008 and 128 basis points from one year ago. The percentage of loans in the process of foreclosure set a new record this quarter."
For the entire report, click here.
Douglas A.McIntyre
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