Fewer homeowners behind on mortgage payments
NEW YORK (CNNMoney.com) -- Mortgage delinquency rates dropped in the last three months -- but only because more borrowers had their homes repossessed. You can't be late on your mortgage payment if you've already lost your home.
The number of mortgage borrowers behind in their loans dropped during the three months ended Sept. 30 to a seasonably adjusted 9.13%, according to a report released Thursday by the Mortgage Bankers Association.
However, that only includes loans that were at least one payment past due, not loans that are in the foreclosure process. The number of foreclosures started -- which happens typically after a borrower is 90-plus days late -- rose to 1.34% of all loans from 1.11% a quarter earlier."Delinquency rates dropped pretty sharply," said Michael Fratantoni, MBA's vice president of research and economics, "mostly from a reduction in 90-plus days late category. That represents a move to the next category of delinquency -- foreclosure starts."
Read the original post: Mortgage delinquencies decline, but foreclosure rates soar - Nov. 18, 2010
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