Delinquency Rate Drops

NationalMortgageNews tells MHProNews the delinquency rate for government-backed loans inched down third quarter 2012 over the second quarter, from 11.89 percent to 11.14 percent as of Sept. 30. The Mortgage Bankers Association (MBA) reports the rate a year ago was 12.09 percent. Federal Housing Administration (FHA) loans late 90 days or more also nudged down from nine percent June 30 to 8.54 percent Sept. 30. With consumers owing approximately $9.4 trillion on home loans, MBA says 7.4 percent of all outstanding mortgages were late as of Sept. 30, 2012, a drop from 7.99 percent a year ago.

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