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.
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 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.