Zillow’s report Thursday showed that while Florida does not have the most negative equity in the U.S., it does have a disproportionately high delinquency rate. According to the Wall Street Journal, part of the problem lies in Florida’s exclusively judiciary foreclosure process, which can keep borrowers in limbo for as long as 861 days – the state’s average foreclosure length in April. [more]
Posts Tagged ‘delinquency rate’
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Manus Clancy, senior managing director at Trepp
After hitting double digits for the first time ever in May, the delinquency rate for U.S. commercial mortgage-backed securities inched ever higher in June. According to Trepp data cited by the Wall Street Journal, the delinquency rate rose to 10.16 percent in June, and has risen 79 basis points in four consecutive months of increases since February.
The delinquency gains were widely anticipated as more than $200 billion in loans originated at the market’s peak in 2007 came due this year. In total, $76 billion worth of loans are in, or near, default and most haven’t been able to be refinanced — not only because prices were higher in 2007 but also because it was assumed they would continue to grow. [more]
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source: Trepp
The nationwide delinquency rate for commercial mortgages spiked in March, rising well past the 12-month average and to a five-month high. In its March 2012 U.S. Commercial Mortgage-Backed Security Delinquency Report, Trepp measured the delinquency rate to be 9.68 percent, up from 9.37 percent in February and 9.42 percent in March 2011. [more]
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The delinquency rate for mortgage loans on one- to four-unit residential properties fell nationwide to 7.99 percent in the third quarter of 2011, according to data from the Mortgage Bankers Association, the lowest level recorded since the fourth quarter of 2008. But homeowners may not be out of the woods yet, said Michael Fratantoni, MBA’s vice president of research and economics, who suggested that the result may be skewed by foreclosure starts.
The third quarter’s seasonally adjusted rate of 7.99 percent is a decrease of 45 basis points from the second quarter of 2011, the data shows, and a decrease of 114 basis points from a year ago at the same time.
“While the delinquency picture changed for the better in the third quarter, the issues continue to vary by geography,” Fratantoni said. – Katherine Clarke [more]
