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Little Relief on Foreclosure Front.
Washington -- The delinquency and foreclosure rates again reached new highs in the first quarter, and the kicker is that this is not the bad news.
Rising default and foreclosure rates had been anticipated. The bad news is that there's still little evidence of a bottom in the mortgage credit cycle, and economists at the MBA say the trend still may be toward credit deterioration.
The overall delinquency rate, the number of loans entering foreclosure and the foreclosure inventory all reached record highs in the Mortgage Bankers Association's quarterly delinquency survey.
Jay Brinkmann, the MBA's vice president for research, attributed the continuing credit woes to areas hard hit by the downturn in home values, particularly California and Florida. The problems in these two states are "extraordinary," he said.
"Clearly the foreclosure conditions in California and Florida will get worse before they get better."
Overall, 8.82% of home loans were more than 30 days past due or in foreclosure nationally during the first quarter. Excluding the foreclosure inventory, 6.35% of loans were past due on a seasonally adjusted basis, up 151 basis points from one year earlier.
The percentage of loans in the foreclosure process rose to 2.47%, an increase of 119 basis points from one year earlier. That means the foreclosure inventory is almost double its level of just one year ago.
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