Industry News

Foreclosures, home loan delinquencies slip in first quarter

Modest increases expected this year, trade group says

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Residential mortgage foreclosures and delinquencies slipped in the first quarter of 2006 from the previous quarter and year-ago figures, according to a national industry survey released today, with modest increases expected in the quarters ahead. The percentage of home loans in the foreclosure process was 0.98 percent at the end of the first quarter, down 1 basis point from the previous quarter and 10 basis points from a year ago. The seasonally adjusted rate of loans entering the foreclosure process was 0.41 percent in the first quarter, down 1 basis point from the previous quarter and 1 basis point from a year ago, according to the Mortgage Bankers Association's quarterly survey, which covers more than 41.3 million loans. "The economy grew at a brisk 5.3 percent pace in the first quarter of 2006, and labor markets were quite strong as well, with an average of 176,000 jobs added per month. Within this context, the housing market was normalizing with a declining pace of new and existi...