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| Revision Leaves Serious Delinquency Stabilized
90-day residential rate revised down for February
April 11, 2012
By MortgageDaily.com staff
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It originally looked liked the serious delinquency rate for home loans had turned higher on a month-over-month basis. But revised statistics have the rate of late payments nearly frozen for the past nine months.
A previous report indicated that 90-day residential delinquency on all U.S. loans was 7.3 percent in February, climbing from 7.2 percent in January.
The rate reflects loans that are past due at least 90 days, in the process of foreclosure and real-estate-owned.
Now, CoreLogic has revised lower the 90-day delinquency rate for February.
According to the Santa Ana, Calif.-based company, the figure was adjusted to 7.2 percent for February, leaving the performance metric unchanged for the last three months based on the revised data.
During the past nine months, serious delinquency has been 7.2 percent each month except November 2011, when the rate was 7.3 percent, based on revised data from the mortgage service provider.
CoreLogic previously reported that 7.8 percent of home-loan borrowers were at least three months behind on their payments as of February 28, 2011. |
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