As 30-day delinquency improved on residential jumbo loans, 60-day delinquents, foreclosures and real estate owned continued to increase, according to an analysis of jumbo loans backing residential mortgage-backed securities.
Sixty-day delinquency on jumbo mortgages was 0.349 percent in January, according to Moody's Investors Service report, U.S. Jumbo Mortgage Credit Indexes: February 2007 Reporting Period. Jumbo delinquency of 60 days or more was 0.330 percent at the end of December and 0.297 percent a year earlier.
"Prime Jumbo mortgage performance began 2007 with trends similar to those that ended 2006," the report said.
Jumbo delinquency of 30-59 days was 0.554 percent during January, Moody's said. The thirty-day delinquency rate was down from 0.615 percent the prior month and 0.560 percent in January 2006.
Foreclosures and REOs represented 0.145 percent of outstanding loans at January's end, according to the report. That figure was 0.130 percent a month earlier and 0.082 percent a year earlier.
"Foreclosure and REO rates, at 0.108 percent and 0.037 percent, are still low in absolute terms, but have seen large percentage increases over the past several months," Moody's reported.
The ratings agency said its figures are based on pools of residential mortgages it rates with loans in excess of the conforming loan amount -- currently $417,000. The first-liens were made to borrowers with prime credit.