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B&C Improving, But Weak Spots Remain.
San Francisco -- Data compiled by LoanPerformance, San Francisco, show improvement in the serious delinquency rate for both prime and subprime mortgage loans, but the data also show that some areas of the market continue to suffer from weakness.
The serious delinquency rate on prime loans - those more than 90 days past due or in foreclosure - fell 10 basis points to 0.74% in June, according to LoanPerformance. The greatest improvements were posted in Nevada, Utah and Maryland.
States with the highest serious delinquency rate on prime loans include Utah, Texas, Indiana, Ohio and Georgia.
And metropolitan areas that are experiencing "early warning" signs related to loans originated in 2003 include Salt Lake City, San Antonio, Dallas-Fort Worth, Atlanta, Indianapolis, Denver and Greenville, N.C., according to LoanPerformance.
The subprime serious delinquency rate also declined in the second quarter, according to LoanPerformance. Overall national serious delinquencies on subprime loans fell 98 basis points to 4.16% as of June 2004.
The lowest subprime delinquencies were found in California, Rhode Island and New Hampshire. States with the highest serious delinquencies on subprime loans were Mississippi, South Carolina, Indiana, Ohio and West Virginia.
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Source: HighBeam Research, B&C Improving, But Weak Spots Remain.