Home > 2011 > Mortgages > Number of Mortgage Delinquencies Nationwide Decline Sharply

Number of Mortgage Delinquencies Nationwide Decline Sharply

Advertiser Disclosure Comments 0 Comments

Number of Mortgage Delinquencies Nationwide Decline SharplyThe delinquency rate for home loans on residential properties with between one and four units rose slightly to 8.32 percent between the fourth quarter of 2010 and first of 201, but decreased sharply on a year-over-year basis, according to the latest statistics from the Mortgage Bankers Association. That’s up from the 8.25 percent seen in the last quarter, but down significantly from the 10.06 percent in the first quarter last year.

[Featured Tool: Get your free Credit Report Card from Credit.com]

“Most of these numbers continue to point to a mortgage market on the mend,” said Jay Brinkmann, the MBA’s chief economist. “Short-term delinquencies remain at pre-recession levels. Loans 90 days or more delinquent have now dropped for five straight quarters and are at their lowest level since the beginning of 2009.”

In fact, 90-day delinquencies and homes in foreclosure fell to 8.1 percent, the report said. That’s down from both the 8.6 percent in the fourth quarter of 2010 and a year-over-year drop from 9.54 percent.

[Related Article: Delays in Foreclosure Process Cause Actions to Hit 40-Month Low]

Many types of loans have seen continual declines in delinquency and default rates in recent months, due to both the continuing improvement of the economy and also previous charge offs that have locked risky borrowers out of the lending system.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.