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June 23, 2006
Delinquencies, Foreclosures Fell in First Quarter
The Mortgage Bankers Association reports a drop in the residential delinquency rate to 4.41 percent in the first quarter from 4.70 percent in the fourth quarter of last year. The decline is attributed to robust economic growth and a strong job market. However, MBA chief economist Doug Duncan anticipates slight gains in delinquency and foreclosure rates during the coming months due to higher energy prices and short-term interest rates. The report also shows that 0.98 percent of delinquent loans were in the foreclosure process, compared to 0.99 percent in the final quarter of 2005.
Posted by S. Germain at June 23, 2006 08:59 AM