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Slowdown Hits FHA Loans.(Statistical Data Included)
The slowing economy and mounting job layoffs are really taking their toll on the Federal Housing Administration single-family loan program and the impact is showing up in second-quarter delinquency numbers.
The Mortgage Bankers Association just reported that the total delinquency rate on FHA single-family loans hit 10.79% in the second quarter - the highest rate since they began keeping records in 1972. (Total delinquencies include 30-day, 60-day and 90-day or more past due loans.)
The delinquency rate on the FHA's bread-and-butter product - fixed-rate mortgages - jumped 100 basis points in the second quarter to 9.72%.
Department of Housing and Urban Development data shows an even bleaker picture. FHA loans in default (90 days or more past due) rose to 3.9% in the second quarter, up from 3.5% earlier in the year. MBA's report showed a 2.07% default rate.
As of June 15, over 250,000 FHA loans were in default - a 17.4% increase from a year ago in June.
Industry observers believe FHA is being hurt by the recession in the manufacturing sector that started late last year. "That is where all the layoffs have taken place," said MBA chief economist Doug Duncan.
The national unemployment rate has jumped from 3.9% to 4.9% since the beginning of the year and FHA borrowers are usually the ones who feel the pain first.
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