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Falling Delinquencies Suggest Worst Is Over.(mortgage payments)
The number of homeowners who are behind on mortgage payments declined in every major category during the third quarter of last year, according to the Mortgage Bankers Association of America.
While serious delinquencies remain stubbornly high among government-backed loans, even FHA and VA loans improved in the third quarter of last year. The same was true for subprime loans, according to the MBA's initial data on the lower credit quality side of the industry.
Overall, the MBA National Delinquency Survey found that 4.66% of borrowers were at least 30 days past due on their mortgage in the third quarter of last year, down from 4.77% in the second quarter. The third-quarter figure was also an improvement of 17 basis points from a year earlier.
Doug Duncan, senior vice president and chief economist at the MBA, said that the MBA now believes "delinquencies have peaked" and that the housing market will continue to contribute to an economic recovery that seems to be gaining momentum.
"We believe that going forward there will be fewer households facing the harsh economic reality of unemployment that helped to drive up delinquencies and foreclosures in the first two quarters of 2002," he said.
The improvement was especially strong in the number of loans that were between 30 and 60 days past due, Mr. Duncan said. The number of loans entering foreclosure was largely flat in the third quarter. A 14 basis point decline in the number of loans that were 30 days delinquent offset a slight increase in the number that were 90 days or more past due. The number of delinquent loans in the 60-day category was unchanged.
Even in the troubled FHA and VA sector, where delinquencies have risen to historically high levels, the overall rate fell by 19 basis points for each category, to 11.62% for FHA loans and 7.81% for VA loans.
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