The Mortgage Bankers Association is reporting that the percentage of loans on which foreclosure actions were initiated was .35%, down one basis point from last quarter and 10 basis points lower than this time last year. In addition, the data reveal that the foreclosure starts rate were at their lowest level since Q2 of 2000. The delinquency rate for mortgages on 1-4 unit properties remained unchanged from last quarter at 4.77% of all outstanding loans. This is the lowest rate since Q3 of 2006 and 77 basis points lower than one year ago.
“The delinquency rate of 4.77 percent has returned to typical pre-recession levels and is lower than the historical average of 5.4 percent for the time period from 1979 to the first quarter of 2016,” said Marina Walsh, MBA’s Vice President of Industry Analysis.
Click here to read the full report at the Mortgage Banker Association.
See Also:
36k Completed Foreclosures in March, 5/10/16
