In May 2010, the Mortgage Bankers Association released its latest national delinquency survey. According to the survey, the "delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter of 2010, an increase of 59 basis points from the fourth quarter of 2009, and up 94 basis points from one year ago."
At the same time, the survey reported the non-seasonally adjusted delinquency rate decreased from 10.44% in the fourth quarter of 2009 to 9.38% in the first quarter, and the rate of serious delinquencies declined to 9.54% in the first quarter, down 13 basis points from the fourth quarter. Serious delinquencies are loans more than 90 days past due.
The new foreclosures remained flat, at 1.23% of outstanding loans, up 3 basis points from the fourth quarter and down 14 basis points from the 2009 first quarter.
If you have any questions with regard to bankruptcy or foreclosures, please contact our office at 1-800-303-2964. Rinne Legal is located at 1990 North California Blvd., Walnut Creek, California 94596, with additional offices in Fairfield, Oakland, and Sacramento. Rinne Legal offers free initial consultations.
