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St Louis Home Loans and Loan Reduction News: MBA Says Delinquencies and Foreclosures Down
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The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 8.32 percent of all loans outstanding as of the end of the first quarter of 2011, an increase of seven basis points from the fourth quarter of 2010, and a decrease of 174 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
The non-seasonally adjusted delinquency rate decreased 117 basis points to 7.79 percent this quarter from 8.96 percent last quarter.
The percentage of loans on which foreclosure actions were started during the first quarter was 1.08 percent, down 19 basis points from last quarter and down 15 basis points from one year ago.
The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.
The percentage of loans in the foreclosure process at the end of the first quarter was 4.52 percent, down 12 basis points from the fourth quarter of 2010 and 11 basis points lower than one year ago.
The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 8.10 percent, a decrease of 50 basis points from last quarter, and a decrease of 144 basis points from the first quarter of last year.
The combined percentage of loans in foreclosure or at least one payment past due was 12.31 percent on a non-seasonally adjusted basis, a 129 basis point decline from 13.60 percent last quarter.
On a seasonally adjusted basis, the overall delinquency rate increased for all but FHA loans, with the biggest increases coming in the subprime categories.
The seasonally adjusted delinquency rate stood at 4.59 percent for prime fixed loans, 11.25 percent for prime ARM loans, 22.04 percent for subprime fixed loans, 26.31 percent for subprime ARM loans, 12.03 percent for FHA loans, and 6.93 percent for VA loans.
The percentage of loans in foreclosure, also known as the foreclosure inventory rate, decreased 12 basis points overall to 4.52.
The foreclosure inventory rate for prime fixed loans, which make up the largest portion of the survey (accounting for 63 percent of all loans outstanding), decreased eight basis points to 2.59 percent.
The rate for prime ARM loans decreased 69 basis points from last quarter to 9.53 percent. Subprime fixed loans saw an increase of 67 basis points to 10.53 percent, which is a new record high in the survey.
The rate for subprime ARM loans increased 26 basis points to 22.26 percent, while the rate for FHA loans increased five basis points to 3.35 percent and the rate for VA loans increased four basis points to 2.39 percent.
The foreclosure starts rate decreased 16 basis points for prime fixed loans to 0.68 percent, 42 basis points for prime ARM loans to 2.38 percent, 19 basis points for subprime fixed to 2.56 percent and 57 basis points for subprime ARMs to 3.67 percent.
The foreclosure starts rate also decreased nine basis points for FHA loans to 0.93 percent and 15 basis points for VA loans to 1.02 percent.
The non-seasonally adjusted foreclosure starts rate decreased one basis point for prime fixed loans, 33 basis points for prime ARM loans, eight basis points for subprime fixed loans, 65 basis points for subprime ARM loans, 53 basis points for FHA loans, and 16 basis points for VA loans.
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