|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
|
Early Stage Delinquency Improves
30-day delinquency rate down 11 BPS in October
Nov. 16, 2011
By MortgageDaily.com staff
|
After two months of increases, a new report indicates that late payments on residential loans retreated. The report highlights a contrast between mortgage and non-mortgage credit markets.
In September, 30-day delinquency increased 3 basis points. That followed an 8-basis-point rise in August.
But last month, past-due payments plunged 11 BPS, according to CreditForecast.com from Moody's Analytics and Equifax. The statistics reflect activity on all home loans and are based on Equifax's database.
That left the 30-day rate at 6.54 percent.
A report yesterday from Standard & Poor's and Experian indicated that 90-day delinquency on first mortgages was up for the second consecutive month to 2.08 percent in October. The CreditForecast.com data suggests that 90-day delinquency in might retreat this month or in December.
The combination of easing lending standards and the re-acceleration of economic growth will bring and end to deleveraging and support credit quality into 2012, according to the CreditForecast.com report.
"There remains a dichotomy in credit conditions, however," the report said. "Mortgage balances are falling steadily, and mortgage delinquencies remain high by pre-recession standards. By contrast, nonmortgage balances have been rising in recent months, despite the midyear slowing in nominal spending, and delinquencies, especially those in the early stage, are very low.
"Credit is becoming modestly more available, unlike the mortgage market, where the reduction in limits for loans involving government-sponsored entities declined in October, undermining availability further." |
next story
back to current headlines
|
|
|