Record Drop in Foreclosure Starts, but 90 Day Delinquencies Increase -MBA

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Posted To: MND NewsWire

Mortgage delinquency rates fell in the fourth quarter of 2012 to their lowest rates since 2008. According to data from the National Delinquency Survey (NDS) released by the Mortgage Bankers Association (MBA), delinquencies in one-to-four unit residential properties fell to a seasonally adjusted rate of 7.9 percent of all outstanding loans. This was a decrease of 31 bps (bp) from the third quarter and 49 bps from the fourth quarter of 2011. The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. Foreclosure starts were at the lowest level since the second quarter of 2007, down 20 bps from Q3 to a rate of 0.70 percent and 29 bps lower than in the fourth quarter of 2011. The percentage of loans some stage of foreclosure...(read more)

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Source: http://www.mortgagenewsdaily.com/02212013_national_delinquency_survey.asp

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