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Judicial Process States Continue to Tilt Foreclosure Scales

Thursday, November 19, 2015

Measures of mortgage distress continued to reach new eight to ten year lows during the third quarter of 2015.  The Mortgage Bankers Association's (MBA's) National Delinquency Survey showed substantial improvement in the delinquency rate, and the foreclosure inventory.

MBA said that 4.99 percent of all one-to-four unit residential mortgage loans outstanding at the end of the quarter had missed at least one payment, the lowest rate since the first quarter of 2007.  An additional 1.88 percent were in some stage of foreclosure, i.e. the foreclosure inventory.  The delinquency rate was down 31 basis points (bps) from the second quarter and 86 bps from the third quarter of 2014.  The foreclosure inventory was 21 bps lower than the previous quarter and 51 points below the rate a year earlier.  It was the lowest level for the inventory since the third quarter of 2007.

 

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