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Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Delinquency High in SE, Foreclosures High in NE

Total U.S. 30-day delinquency down 51 BPS in Q2

Aug. 8, 2013

By Mortgage Daily staff

The rate of delinquency, including foreclosures, was down on a national basis. States in the Southeast had some of the highest delinquency rates, while the Northeast was where some of the highest foreclosure rates resided. Although the government insured foreclosure rate improved, deterioration was noted in the delinquency rate.

Home loans that were past due at least 30 days, including the foreclosure inventory, accounted for 10.29 percent of all outstanding loans as of June 30.

Delinquency improved from the first quarter, the 30-day rate was 10.80 percent. As of June 30, 2012, the total delinquency rate was 11.85 percent.

The loan performance statistics were outlined in the National Delinquency Survey Q2 2013 from the Mortgage Bankers Association. The full report costs MBA members $300 for national numbers.

Total second-quarter 2013 delinquency reflected a 30-day rate, excluding foreclosures, of 6.96 percent. It was the lowest delinquency rate since mid-2008, when the rate was 6.41 percent.

The rate was 7.25 percent three months earlier and 7.58 percent a year earlier.

Mississippi had the highest 30-day rate, excluding foreclosures, at 11.61 percent. Next was Alabama's 9.25 percent, Georgia's 9.05 percent, Tennessee's 8.82 percent and Louisiana's 8.77 percent.

North Dakota's 2.83 percent was lowest 30-day rate, excluding foreclosures, of any state.

Also factored in to the latest total U.S. rate was a 3.33 percent foreclosure inventory rate, better than 3.55 percent as of March 31 and 4.27 percent as of June 30, 2012.

At 10.58 percent, Florida had the worst foreclosure rate.

Next was New Jersey's 8.01 percent, New York's 6.09 percent and Maine's 5.62 percent. Illinois rounded out the five-worst foreclosure states with a rate of 5.41 percent.

Wyoming's 0.79 percent foreclosure inventory rate was the lowest of any state.

MBA reported that the U.S. rate of foreclosures started during the most-recent period was 0.64 percent, lower than 0.70 percent at the end of the March. At the same point last year, foreclosure starts accounted for 0.96 percent of the nation's collective residential portfolio.

On just prime mortgages, the 30-day rate fell to 3.94 percent from 4.25 percent in the first quarter. The foreclosure inventory rate on prime loans decline to 2.13 percent from 2.47 percent.

Subprime delinquency retreated to 19.49 percent from the first quarter's 21.19 percent, but the subprime foreclosure rate rose to 11.01 percent from 10.79 percent.

MBA reported that delinquency on loans insured by the Federal Housing Administration worsened -- rising 6 basis points from the first quarter to 11.03 percent. However, the FHA foreclosure rate fell to 3.68 percent from 3.96 percent.

Mortgages guaranteed by the Department of Veterans Affairs had a 30-day rate of 6.14 percent, 20 BPS better than at the end of the first quarter. The VA foreclosure inventory rate fell to 1.88 percent from 1.98 percent.

purchase National Delinquency Survey

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