From the California Association of REALTORS, 12/10/2008
The delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.99 percent of all loans outstanding for the third quarter of 2008, up 58 basis points compared with the second quarter of 2008, and up 140 basis points from the same period one year ago, according to the most recent Mortgage Bankers Association's (MBA) National Delinquency Survey.
The percentage of loans in the foreclosure process at the end of the third quarter was 2.97 percent, an increase of 22 basis points compared with the second quarter of 2008 and 128 basis points from one year ago. The percentage of loans on which foreclosure actions were started stood at 1.07 percent in the third quarter, down one basis point from last quarter and up 29 basis points from one year ago.
The seasonally adjusted total delinquency rate continues to be the highest recorded in the MBA survey. The increase in the overall delinquency rate was driven by increases in the number of loans 90 or more days past due, primarily in California and Florida. The 30 day delinquency percentage remains below levels seen as recently as 2002. Nevada, Florida, Arizona, California, Michigan, Rhode Island, Illinois, Indiana, and Ohio had rates of foreclosure starts that were above the national average.
"As for what is driving the national numbers, it is still a case of product and location," said Jay Brinkmann, MBA's chief economist. "Prime and subprime ARMs continue to have the highest share of foreclosures and California and Florida have about 54 percent and 41 percent of the prime and subprime ARM foreclosure starts respectively. Until those two markets turn around, they will continue to drive the national numbers."
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