The delinquency rate (30 to 60 days past due) on mortgage loans held by Fannie Mae and Freddie Mac was about 1.36% as of the end of the second quarter – up from 1.21% as of the end of the first quarter, the Federal Housing Finance Agency (FHFA) reports.
However, the serious delinquency rate (90 days or more past due) was about 1.23%, down significantly from 1.35% in the first quarter to reach the lowest level since the start of conservatorships in 2008.
About 377,781 Fannie and Freddie loans were delinquent in the second quarter compared with 337,335 as of the end of the first quarter.
About 340,741 loans were seriously delinquent compared with 375,325 in the first quarter.
The government-sponsored enterprises completed 48,438 foreclosure prevention actions in the second quarter, bringing the total to more than 3.7 million since the start of the conservatorships.
Of these actions, more than 3 million have helped troubled homeowners stay in their homes, including nearly 2 million permanent loan modifications.
The share of modifications with principal forbearance as of the end of the second quarter remained at 19%.
Modifications with extend-term only accounted for 47% of all modifications in the first quarter due to improved house prices and a declining Home Affordable Modification Program-eligible population.
About 55,100 foreclosure starts were commenced during the second quarter – a decrease of 9% compared with the first quarter.
There were about 23,348 foreclosure sales in the second quarter – a decrease of about 6%.
In addition, Fannie and Freddie’s real estate owned inventory declined 13% in the second quarter to 57,937 units, as property dispositions continued to outpace property acquisitions.
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