Mortgage Delinquencies, Foreclosures at Multiyear Lows

I’m so glad this is the news regarding foreclosures and delinquencies.

24/7 Wall St.

The delinquency rate for mortgage loans fell to its lowest level since 2008 at the end of the fourth quarter of 2012. The seasonally adjusted delinquency rate of 7.09% was down 31 basis points sequentially and 49 basis points lower than the 2011 delinquency rate. The loans were made for one-to-four unit residential properties.

The data was published today by the Mortgage Bankers Association (MBA). The delinquency rate includes loans at least one payment past due but not yet in foreclosure.

Only 0.7% of loans went into the foreclosure process during the fourth quarter of 2012, the lowest level since the second quarter of 2007. Similarly, the percentage of loans in the foreclosure process fell to 3.74%, down 33 basis points sequentially and 64 basis points year-over-year, the lowest level since the fourth quarter of 2008.

The MBA’s chief economist noted:

The foreclosure starts rate decreased by the largest amount…

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