Housing Recovery? Must the Deck Clear First?

The Mortgage Bankers Association (MBA) reports that Federal Housing Authority (FHA) foreclosures started spiked 60% from the first quarter, hitting 1.53%, the highest point in several years. Excluding foreclosures, according to NationalMortgageNews, FHA delinquencies fell to 11.89% from the first quarter’s 12%, while the inventory of FHA foreclosures increased to 4.23% in Q2 from 3.89% in Q1 2012. With approximately $1.2 trillion in VA and FHA loans on the books, the MBA estimates $100 billion in FHA mortgages are delinquent. One year ago the delinquency rate on all residential mortgages stood at 8.44%. They had fallen to 7.4% by the end of the first quarter 2012, but climbed back to 7.58% by the end of the second quarter, MHProNews has learned. According to the MBA, excluding foreclosures, $675 billion of home mortgages were in some stage of arrears as of June 30.

(Photo credit: Wikipedia)

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