According to the recently released Mortgage Bankers Association’s (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding in the third quarter, up 40 basis points from the second quarter, and up 265 basis points from one year ago.
The delinquency rate, which set a new record in the third quarter, includes loans that are at least one payment past due, but does not include loans that are in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the third quarter was 4.47 percent, an increase of 17 basis points from the second quarter of 2009 and 150 basis points from one year ago.
“Once again the states of Florida, California, Arizona, and Nevada have a disproportionate share of the mortgage problems,†said Jay Brinkmann, MBA’s chief economist. “They had 43 percent of all foreclosures started in the third quarter, down only slightly from 44 percent both last quarter and the third quarter last year. They had 37 percent of the nation’s prime fixed-rate loan foreclosure starts and 67 percent of the prime ARM foreclosure starts.â€
So, who is to blame for all this subprime lending? The Realtors proclaim their innocence from the highest mountains in all the lands, with seven flags from seven hills with bugles blowing and blazing through the night, with a PR campaign to boot and one, which is out of sight.
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