Percentage Of Mortgage Loans In The Foreclosure Process Reaches 2.47 Percent
The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.35 percent of all loans outstanding at the end of the first quarter of 2008 on a seasonally adjusted (SA) basis, up 53 basis points from the fourth quarter of 2007, and up 151 basis points from one year ago, according to MBA’s National Delinquency Survey.The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process was 2.47 percent at the end of the first quarter, an increase of 43 basis points from the fourth quarter of 2007 and 119 basis points from one year ago.
Alt-A Delinquencies Rising According to Standard & Poor’s
Delinquencies of Alternative-A mortgages, often offered to those who cannot fully document income or assets, are rising sharply and “early data suggests that the 2007 deterioration may be the worst ever for the Alt-A market,” Standard & Poor’s said on Thursday.
The 90-plus-day delinquency rate for 2006 vintage Alt-As was 4.71 percent after 18 months’ seasoning, versus 1.97 percent for the 2005 vintage and 1.07 percent for the 2004 vintage, S&P said, citing data from LoanPerformance, a division of First American CoreLogic Inc.
Severe delinquencies for Alt-A mortgages show no signs of abating soon, S&P said.