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Foreclosure Rate Edges Down.
After hovering at incrementally record levels for almost a year, the percentage of home loans in foreclosure fell in the second quarter, according to data from the Mortgage Bankers Association of America.
The number of loans entering the foreclosure process also declined, and MBA chief economist Douglas Duncan said that while the industry may see a blip up in foreclosures during the fourth quarter, the worst of the recession's impact has probably been digested.
However, the overall delinquency rate - which excludes foreclosures but includes loans that are in the 30-day through 90-day late categories - increased in the second quarter, even though delinquencies were lower than a year earlier.
Most of the second-quarter increase was concentrated in the 90-days-or-more-late category, while the number of loans in the 30-day-late category actually declined slightly.
As of June 30, 4.62% of residential home loans were at least 30 days past due, up 10 basis points from the first quarter.
The MBA's quarterly survey revealed a sharp increase in the already high delinquency rate for government-insured loans and 12.59% of Federal Housing Administration loans were delinquent as of June 30, an increase of 94 basis points during the quarter. The delinquency rate on Veterans Affairs loans increased 35 basis points to 8.24%.
The percentage of prime quality conventional loans that were delinquent edged up four basis points to 3.14%.
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