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Late Payments Rise Again.(Brief Article)
Low interest rates have boosted home sales activity and refinancing, but they have done little to shield troubled borrowers from foreclosure, according to data recently released by the Mortgage Bankers Association of America and the Department of Housing and Urban Development.
The number of home loans entering foreclosure and in the process of foreclosure reached record highs in the second quarter of this year, according to the Mortgage Bankers Association of America. And the delinquency rate on government-insured loans continues to skyrocket, according to HUD data.
While the overall mortgage delinquency rate is about where it should be at this stage of an economic recovery, foreclosure rates have crept up to levels that exceed the pace experienced following previous recessions.
Overall, 4.77% of loans on one-to-four unit residential properties were at least 30 days late in the second quarter, about normal for this stage following a recession, according to MBA chief economist Douglas Duncan.
But the number of loans entering foreclosure climbed three basis points to 0.40%, its highest level in the nearly 50- year history of the MBA delinquency survey. It had stood at 0.37% for three straight quarters, which was the previous record level.
The percentage of loans in the process of foreclosure in the second quarter increased 13 basis points to 1.23%, also a record. By loan type, 0.87% of conventional loans were in foreclosure, 2.79% of FHA loans were in foreclosure and 1.72% of VA guaranteed loans were in foreclosure during the second quarter.
Mr. Duncan attributes the across-the-board increase in foreclosures not only to the weak economy, which saw unemployment rise from 4.5% in the first quarter of 2001 to 5.9% in the second quarter of this year, but also to changes in underwriting. In a successful effort to increase the nation's homeownership rate, lenders often loosened criteria and created new products designed to serve people who might have been rejected for a home loan in the past, he noted.
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Source: HighBeam Research, Late Payments Rise Again.(Brief Article)