By DIANA GOLOBAY
Single-family mortgages set a new record delinquency rate of 13.16% in Q209, according to the quarterly survey by the Mortgage Bankers Association. The delinquency rate includes mortgages at least one payment past due or in foreclosure.
The results were lead by Florida with 12% of mortgages somewhere in foreclosure, another 5% at least 90 days past due and a total 22.8% at least one payment delinquent or in foreclosure at the end of June. Nevada followed Florida with 21.3% at least one payment past due or in foreclosure.
The MBA also saw a jump in foreclosures on Federal Housing Agency-ensured mortgages. The percentage of loans with foreclosures started, the percentage in foreclosure and the percentage seriously delinquent at 90 plus days past due all set records for FHA loans in the quarter…
Delinquency and foreclosure rates are unlikely to improve until unemployment rates ease, MBA said, despite the administration’s mortgage workout initiatives…
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