Industry News

Fewer Californians miss mortgage payments

Mortgage bankers attribute punctuality to lower interest rates, energy prices

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The delinquency rate for mortgage loans on one- to four-unit residential properties in California decreased during the fourth quarter of 2003, as did the percentage of mortgages in the foreclosure process, according to the California Mortgage Bankers Association. The delinquency rate for loans on one- to four-unit residential properties in California declined 13 basis points to 2.68 percent during the fourth quarter. The percentage of loans in which foreclosure was started during the quarter fell 1 basis point to 0.18 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell 3 basis points to 0.37 percent. "In the fourth quarter, we see some leveling off of delinquencies as energy prices have subsided and low interest rates have sparked a mortgage origination and refinance wave," said Matthew M. Soto, CMBA chairman. "The spike in delinquencies came in the fourth quarter of 2000, when rising energy prices cut into homeowners' disposable income ...