Mortgage woes get better ... beginning of the end? |
| MarketWatch - Feb 19, 2010 |
A smaller percentage of mortgages were delinquent and fewer entered the foreclosure process in the fourth quarter, possible signs that the foreclosure crisis that has gripped many of the nation's housing markets is starting to ease, a trade group reported on Friday.
"We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007," said Jay Brinkmann, chief economist of the Mortgage Bankers Association, in a written statement.
The delinquency rate for mortgages on one- to four-unit residential properties was a seasonally adjusted 9.47% of all mortgages outstanding in the fourth quarter, down from 9.64% in the third quarter and 7.88% in the fourth quarter of 2008, according to the MBA's quarterly delinquency survey. Delinquencies include mortgages that are at least one payment or more past due but not yet in foreclosure.
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- Posted: 2010-02-19 10:04:01
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