Industry News

Real estate foreclosures down

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Residential mortgage delinquencies crept up in the second quarter while the actual foreclosure inventory declined, the Mortgage Bankers Association reported today. The seasonally adjusted delinquency rate for mortgage loans on one- to four-unit residential properties increased to 4.43 percent in the second quarter, up 10 basis points from 4.33 percent in the first quarter of this year. The foreclosure inventory percentage – the percentage of loans that are in the foreclosure process – at the end of the first quarter was 1.16 percent from the first-quarter rate of 1.27 percent. The seasonally adjusted percentage of new foreclosures decreased to 0.39 percent in the second quarter, down seven basis points from 0.46 in the first quarter. "The percentage of serious delinquencies, which is defined as loans 90 days or more delinquent or in the foreclosure process, continues to improve," MBA's Chief Economist Doug Duncan said. "While the total of overall delinquencies increased 10...