Seasonally adjusted residential delinquency improved as new foreclosure filings declined. But the inventory of foreclosed properties grew. Subprime delinquency tumbled more than 100 basis points.
Non-seasonally adjusted delinquency of at least 30 days, including foreclosures, on residential loans was 15.02 percent as of Dec. 31, 2009, the Mortgage Bankers Association reported today. Late payments rose from 14.41 percent on Sept. 30.
The findings covered around 44.4 million residential first mortgages and were based on a prime sample of 33.5 million loans.
On a seasonally adjusted basis, however, delinquency fell to 14.05 percent from 14.11 percent but was higher than 11.18 percent the previous year.
Included in total delinquency was a foreclosure inventory of 4.58 percent, higher than 4.47 percent three months earlier and 3.30 percent a year earlier.
New foreclosures were started on 1.20 percent of fourth-quarter loans, lower than 1.42 percent in the previous quarter. But new filings were higher than 1.08 percent the previous year.
A 23 basis point increase in the subprime foreclosure inventory between the third and fourth quarters to 15.58 percent was more than offset by a 116 basis point decline in delinquent subprime loans excluding foreclosures to 25.26 percent.
Prime mortgage total delinquency excluding foreclosures was down 11 BPS to 6.73 percent in the fourth quarter, but prime foreclosures in process were up 11 BPS to 3.31 percent.
Prime adjustable-rate delinquency, exlcuding foreclosures, fell to 12.10 percent from the third quarter’s 12.37 percent, and adjustable-rate subprime loan delinquency declined to 26.69 percent from 28.23 percent.
Delinquency on loans insured by the Federal Housing Administration dropped to 13.57 percent on a seasonally adjusted basis without foreclosures from 14.36 percent the prior period. FHA delinquency was 13.73 percent a year ago. FHA foreclosures rose, though, to 3.57 percent from 3.32 percent.
By state, Nevada’s 14.92 percent delinquency was the highest. Mississippi followed with 14.69 percent, then Georgia’s 13.53 percent.
Foreclosure inventory was highest in Florida at 13.44 percent, then Nevada’s 9.76 percent and Arizona’s 6.07 percent.