SERIOUS DELINQUENCY CONTINUES TO DROP THROUGH MARCH 2019

The serious delinquency rate across all mortgage loan types for 1- to 4-unit residential properties fell to 2.0% at the end of March 2019, down from almost 10% in the middle of the Great Recession.
The latest National Delinquency Survey from the Mortgage Bankers Association shows a decline across all categories of loans, continuing the downward trend that has persisted since 2009. Serious conventional loan delinquency rates have fallen to 1.7%, while VA loan delinquency rates have fallen to 1.9%, and FHA-insured loans down to 3.5%.
While the continuing decline of the serious delinquency rates across all loan categories is welcome news, the monthly FHA Single-Family Loan Performance Foreclosure Statistics Trends tells a more nuanced story. Per the latest data, the six-month moving average in foreclosure starts as of March 2019 is the highest it has been since June 2017, totaling 10,344.
Additionally, the data show that the number of conventional loans have always far exceeded the number of FHA or VA loans serviced: on a seasonally adjusted basis, as of March 2019, the number of conventional loans serviced totaled 29.7 million, with FHA and VA loans serviced at 6.4 million and 2.3 million, respectively.

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