Mortgage Delinquencies 7.4 Percent 1Q

By Liz Clinger Updated on 5/18/2012

According to the Mortgage Bankers Association National Delinquency Survey, mortgage loans on residential properties from 1-4 units lowered to a seasonally adjusted rate of 7.4% of all loans delinquent at the end of the first quarter. This is a 18 basis points drop from 2011’s fourth quarter, and 92 basis points drop from 2011’s first quarter numbers in the survey. A drop to 6.94% for non-seasonally adjusted delinquency rates also shows on the survey, a 8.15 basis points decrease from 2011’s fourth quarter and a 121 basis points decrease from 2011’s first quarter numbers.

Delinquencies with loans in the foreclosure process at the end of the first quarter was up one basis point from 2011’s fourth quarter, at 4.39%, though still a 13 basis points decrease from 2011’s first quarter. Delinquencies 90 days or more past due or in the foreclosure process showed a 29 basis point decrease from 2011’s fourth quarter at 7.44%, and down 66 basis points from 2011’s first quarter.

On a non-seasonally adjusted basis, the total of all loans with a minimum of one payment past due or in foreclosure was 11.33 percent, 98 basis points lower than last year’s first quarter, and 120 points lower then 2011’s fourth quarter. This measure has not been lower since 2008.