Delinquency and Foreclosure Rates Plummet

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Delinquency and Foreclosure Rates Continue to Plummet

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 6.41 percent of all loans outstanding at the end of the third quarter of 2013, the lowest level since the second quarter of 2008.  The delinquency rate dropped 55 basis points from the previous quarter, and 99 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.

The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.  The percentage of loans in the foreclosure process at the end of the third quarter was 3.08 percent, down 25 basis points from the second quarter and 99 basis points lower than one year ago.  This was the lowest foreclosure inventory rate seen since 2008.

The percentage of loans on which foreclosure actions were started during the third quarter decreased to 0.61 percent from 0.64 percent, a decrease of three basis points, and the lowest level since early 2007.

Source: California Association of Realtors

Category : Blog

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