Overall mortgage delinquency fell to the lowest level in 17 years, while the rate of foreclosures has descended to the lowest level in a decade.
As of mid-2017, residential loans that were at least 30 days late or in the foreclosure inventory accounted for
5.53 percent of all such mortgages outstanding.
The non-current rate tumbled compared to three months earlier, when it was 6.10 percent. The improvement was far more significant versus 6.30 percent one year earlier.
Those details and more were provided to Mortgage Daily by the
Mortgage Bankers Association in its National Delinquency Survey Q2 2017.
“In the second quarter of 2017, the overall delinquency rate was at its lowest level since the second quarter of 2000,” MBA Vice President of Industry Analysis Marina Walsh said in an accompanying statement.
On just conventional loans, the latest non-current rate was
4.66 percent. The rate was 9.80 percent on mortgages insured by the Federal Housing Administration and 4.71 percent on loans guaranteed by the Department of Veterans Affairs.
Most recently, U.S. delinquency reflected a 4.24 percent past-due rate excluding foreclosures. That was down from 4.71 percent as of March 31 and 4.66 percent as of mid-2016.
The U.S. foreclosure inventory rate was cut to 1.29 percent from 1.39 percent at the end of the first quarter and 1.64 percent ad the same point last year.
“The foreclosure inventory rate was at its lowest level since the first quarter of 2007,” Walsh added.
New Jersey’s 4.35 percent foreclosure inventory rate was the worst in the country. New York’s 3.73 percent followed, then Maine’s 2.66 percent, Hawaii’s 2.31 percent and the District of Columbia’s 2.13 percent.
Colorado had the lowest foreclosure rate: 0.33 percent.
