Freddie Mac’s massive mortgage portfolio increased for the first time in nearly a year. In a positive sign for the overall economy, residential defaults again fell. Apartment delinquency, however, continued to deteriorate.
At $38.9 billion, last month’s purchases and issuances were barely changed from January, the government-controlled enterprise reported in its monthly operating summary. Business was clearly better, however, than the $29.2 billion in secondary activity reported for February 2010.
Year-to-date Feb. 28, volume was $77.8 billion.
Purchases and issuances helped raise Freddie’s total mortgage portfolio to $2.1518 trillion from $2.1517 trillion a month earlier. The rise followed 11 consecutive months of declines. A year earlier, the balance was $2.2426 trillion.
The Feb. 28, 2011, total portfolio included an investment portfolio of $0.6962 trillion and outstanding participation certificates in the amount of $1.4556 trillion.
The McLean, Va.-based company had another improvement in home-loan delinquency. The rate of 90-day lates fell to 3.78 percent as of the end of last month from 3.82 percent on Jan. 31.
It was the third consecutive monthly decline and an early sign that the economic recovery is moving forward.
Delinquency has fallen 42 basis points over the past year, Freddie reported.
On the commercial side, multifamily delinquency of at least 60 days jumped 8 BPS from January to 0.36 percent and was 13 BPS worse than Feb. 28, 2010.
