NY delinquency activity sees modest uptick

New York state saw an uptick in residential mortgage delinquencies and home foreclosures in the third quarter, according to the Mortgage Bankers Association. Nearly 9 percent of residential mortgages were in delinquency in the third quarter, according to the report, up 14 basis points from the second quarter. The percentage of loans that were in the foreclosure process last quarter hit 4.74 percent, up 17 basis points from the second quarter, while the percentage that entered the foreclosure process reached .95 percent, up 13 basis points. Although this uptick in delinquency and foreclosure activity could be seen as troubling, the report indicated that “mortgage delinquency rates normally rise between the second and third quarters of the year.” Nationwide, the delinquency rate stayed relatively flat quarter-over-quarter, dropping one basis point from the second quarter to 9.4 percent. TRD

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