The rate of seriously past due loans insured by the Federal Housing Administration was 9 basis points better in the latest operational summary. Among local markets, five of the 10-worst for FHA delinquency are in New Jersey. Meanwhile, new FHA originations jumped 19 percent.
In October, 126,877 home loans were endorsed by FHA for $22.697 billion.
Business jumped from 105,542 mortgages endorsed for $19.007 billion the previous month. During the same month last year, 88,060 loans for $15.7 billion were insured.
The details were spelled out in the Monthly Report to the FHA Commissioner on FHA Business Activity October 2012. The report was prepared by FHA’s Office of Risk Analysis and Regulatory Affairs.
From Jan. 1 through Oct. 31, FHA insured 1,097,151 loans for $201.3 billion.
Included in October’s activity were 5,503 condominium endorsements for $1.008 billion and 1,735 203(k) loans insured for $0.301 billion.
Based on dollar volume, 1 percent of October’s originations were adjustable-rate mortgages. Refinance share was 48 percent.
On the multifamily side, endorsements totaled 201 transactions for $1.9874 billion, slowing from the prior month’s 211 loans for $2.0312 billion.
As of the end of October, 7,733,203 residential loans for $1.0867 trillion were insured by FHA, expanding from a revised 7,711,684 mortgages for $1.0833 trillion as of the end of September. The total a year earlier was 7,304,368 loans for $1.0197 trillion.
Residential delinquency of at least three months tumbled to 9.49 percent from the 9.58 percent rate previously reported for September. In the same month last year, FHAÂ delinquency stood at just 9.0 percent.
At 23.47 percent, delinquency was highest in the Atlantic-Cape May, N.J., metropolitan statistical area. New Jersey, in fact, was home to five of the 10 MSAs with the highest delinquency rates. Another four of the 10-worst MSAs were in Florida, and one was in Illinois.
Multifamily outstandings were 13,088 loans for $85.7 billion as of Oct. 31, down from 13,137 loans insured for $85.8 billion as of Sept. 30.
