Delinquencies and Foreclosures for 2Q2011

Mixed news on the housing front regarding homeowners unable to make their mortgage payments.  According to a story by CNBC, loans in the foreclosure process decreased as a percentage of all mortgages, while delinquencies rose.

FORECLOSURES

4.43 percent of all mortgages were in the foreclosure process during 2Q 2011, down slightly both year-over-year and when compared to last quarter.

Foreclosure starts were also down, dropping from 1.08% to .96% of all loans.

Fewer homes entering foreclosure proceedings is a positive sign, notwithstanding the unseen efforts of the banks to delay some foreclosures.

DELINQUENCIES

Delinquencies are defined as mortgage loans where the borrower is behing by at least one payment, but has not entered foreclosure proceedings.

8.44 percent of all mortgages were delinquent in the second quarter.
Up slightly from the previous quarter, but down from last year.

Improvements over the past year is a good sign, though the increase from last quarter was seen as a negative.

FORECLOSURES + DELINQUENCIES

12.54 percent of all mortgages were either in foreclosure or delinquent during 2Q.
This is an increase from the previous quarter’s 12.31 percent.
Down from 13.97 percent this time last year, a marked improvement indicating the inventory of foreclosed homes may be decreasing rather than increasing overall.

To read the full CNBC story, please click here.

Advertisements

About missionmortgage

A full-service professional mortgage banker providing lending in Texas for over 25 years. Our main office is located at 901 S. Mopac Expwy, Barton Oaks V- Suite 120, Austin, TX 78746 with branches in Lakeway, Houston, and Sealy. Mission Mortgage has been ranked as a Top 10 Mortgage Company in Austin for the past 7 years (Austin Business Journal).
This entry was posted in General Information, Mortgage News. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s