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Distressed Loans back to 2007 Level

Thursday, August 13, 2015

The Mortgage Bankers Associations National Delinquency Survey provides another measure of the declining rate of distress in residential mortgages.  The second quarter report shows the delinquency rate for mortgages on one-to-four unit properties at the lowest level since the second quarter of 2007, 5.30 percent.  This is a drop of 24 basis points (bps) from the first quarter of 2015 and 74 bps from the second quarter of 2014.

MBA measures delinquency based on loans that are 30 or more days past due but not yet in the foreclosure process.  The percentage of loans in foreclosure during the quarter was 2.09, down 13 bps quarter-over-quarter and 40 from a year earlier.  This was also the lowest rate since 2007, in this case the fourth quarter of that year.

 

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