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Delinquency, Foreclosure Rates Lowest in Years

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Mortgage Daily

                                                 November 17, 2015

It’s been more than eight years since 30-day delinquency has been this low, while it’s been nearly than long since the foreclosure rate was this low.

Including loans that are in the foreclosure inventory, mortgage delinquency of at least 30 days closed out the third quarter at
6.87 percent.

The rate of past-due residential loan payments was down from three months prior, when 30-day mortgage delinquency came in at 7.39 percent.

Residential loan delinquency also retreated from the same three-month period last year, a period that saw an 8.24 percent rate.

The performance details were spelled out in the
Mortgage Bankers Association’s National Delinquency Survey Q3 2015.

On just prime mortgages, the total delinquency rate fell 17 BPS from June 2015 to
4.03 percent.

Subprime mortgage delinquency was 24.14 percent,
down 101 BPS.

A 13-basis-point decline left total delinquency on mortgages insured by the Federal Housing Administration at 11.56 percent.

Mortgages guaranteed by the Department of Veterans Affairs had a total delinquency rate of
5.85 percent, improving by 14 BPS over the second quarter.

Included in the total delinquency rate for all loan types was a seasonally adjusted 30-day rate, excluding foreclosures, of 4.99 percent — the lowest level since the first-quarter 2007’s 4.84 percent.

The 30-day rate was 5.30 percent at the end of the second quarter and 5.85 percent in the third-quarter 2014.

At 9.36 percent, Mississippi had the highest 30-day rate. After that was 7.34 percent in Louisiana, then 7.24 percent in Alabama, 6.74 percent in Georgia and 6.69 percent in Indiana.

North Dakota’s 2.24 percent was the lowest 30-day rate in the nation.

Also reflected in the total third-quarter 2015 U.S. rate
was a 1.88 percent foreclosure inventory rate — the lowest it’s been since it was 1.69 percent in the third-quarter 2007. There was no seasonal adjustment for foreclosures.

The foreclosure rate was down 21 basis points from three months earlier and 51 BPS better than a year earlier.

Foreclosures were worst in New Jersey, where the rate was 6.47 percent as of the the end of September 2015. Next was New York’s 4.77 percent — then Florida’s 3.46 percent, Maine’s 3.06 percent and the District of Columbia’s 3.03 percent.

North Dakota had the lowest foreclosure rate: 0.54 percent.

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