The delinquency rate for mortgage loans on one- to four-unit residential properties stood at 6.99% of all loans outstanding at the end of the third quarter of 2008, up 58 basis points (bps) from the second quarter of 2008, and up 140 bps from one year ago, on a seasonally adjusted basis, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.
The percentage of loans in the foreclosure process at the end of the third quarter was 2.97% – an increase of 22 bps from the second quarter of 2008 and 128 bps from one year ago. The percentage of loans in the process of foreclosure set a new record this quarter, the MBA notes.
The percentage of loans on which foreclosure actions were started during the third quarter was 1.07% – down one bp from last quarter and up 29 bps from one year ago, on a non-seasonally adjusted basis.
More findings from the survey are available at www.mortgagebankers.org.
Source: Mortgage Bankers Association