According to the Mortgage Bankers Association’s National Delinquency Survey, the mortgage market has improved in every category of default. During the first quarter, the combined percentage of loans in foreclosure or at least one payment past due was 12.31 percent on a non-seasonally adjusted basis, down 129 basis points from last quarter. Jay Brinkmann, MBA’s chief economist, said short-term delinquencies remain at pre-recession levels, loans 90 days or more delinquent have dropped for five straight quarters, and foreclosure starts are at the lowest level since the end of 2008. The percentage of loans somewhere in foreclosure experienced one of the largest drops on record. Brinkmann said the numbers continue to point to a mortgage market on the mend. More here and here.
