Residential mortgage delinquencies declined noticeably in the first quarter of 2011 compared to the first quarter of 2010, according to the results of the latest National Delinquency Survey carried out by the Mortgage Bankers Association.
In particular, according to the latest Delinquency Survey, delinquencies for loans on 1-4 unit residential structures, dropped to a seasonally adjusted basis to 8.3% in the first quarter of 2011, representing about 1.7 percentage points drop compared to the first quarter of 2010. Compared to the 4th quarter of 2010 the delinquency rate increased very slightly. This delinquency rate refers to loans that are at least one payment past due but have not yet entered the foreclosure process.
The percentage of loans in the foreclosure process, decreased only slightly in the first quarter of this year compared to last year’s first quarter. According to Jay Brinkmann, MBA’s chief economist the good news is that loans 90 days or more delinquent have been dropping for the last five straight quarters and have reached their lowest level since the beginning of 2009.
MBA report significant variations in mortgage delinquencies and foreclosures across states. In particular the states that registered the largest increases in the number of loans in foreclosure were Florida, New Jersey and Illinois, while the states with the biggest decreases in loans in foreclosure were California, Arizona and Michigan.
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