3Q delinquencies up, foreclosures top record

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Description: The share of homeowners paying their mortgages late, as well as the share of homeowners in the foreclosure process, saw a significant increase during the third quarter of 2007 compared with both the previous quarter and the same time a year earlier. MBA's quarterly National Delinquency Survey (NDS) noted that the delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 5.59% of all loans outstanding in the third quarter of 2007 on a seasonally adjusted (SA) basis. The percentage of loans in the foreclosure process was 1.69% of all loans outstanding at the end of the third quarter. Florida and California are the two largest states in terms of mortgages outstanding, and were the key drivers of the third-quarter increase in the national foreclosure rates.
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