Nationwide mortgage delinquencies hit record-breaking levels again, MBA data shows, while New York delinquencies rise moderately

TRD New York /
Nov.November 19, 2009 11:57 AM

The delinquency rate in New York state increased 73 basis points between the second and third quarters of the year, the overall percentage delinquencies was at 8.84 percent, according to seasonally-adjusted data from the Mortgage Bankers Association, released today. Nationwide, delinquencies on residential loans hit record-breaking levels in the third quarter this year. The delinquency for mortgages on U.S. residential properties with one-to-four units hit 9.64 percent in the quarter, according to the MBA. The figure is 265 basis points up from the same time period last year and up 40 points from the second quarter this year. The record had been set last quarter, when the delinquency rate was at 8.86 percent, but MBA experts said that prime and FHA loans, coupled with continued job losses nationwide, spurred delinquencies. “Despite the recession ending in mid-summer, the decline in mortgage performance continues,” Jay Brinkmann, chief economist with MBA, said. “Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP.” TRD


Related Articles

arrow_forward_ios
30-77 Vernon Boulevard in Queens and Cape Advisors CEO Craig Wood (left) and 720 West End Avenue in Manhattan with Brack Capital Real Estate CEO Ariel Podrojski (right) (Images via Cape Advisors; Google Maps; LinkedIn)

The biggest loans of the slowest month: August’s real estate lending

The biggest loans of the slowest month: August’s real estate lending
Clockwise from top: Savanna's Christopher Schlank with 1375 Broadway, a rendering of 40 10th Avenue and 109 East 79th Street with Victor Sigoura (Google Maps; Getty; rendering via 40tenthave)

These were the largest Manhattan real estate loans in July

These were the largest Manhattan real estate loans in July
(iStock)

There’s a scramble to refinance and buy new homes 

There’s a scramble to refinance and buy new homes 
The Palisades Center and Pyramid Management Group CEO Steve Congel (Google Maps)

Palisades Center Mall operator avoids financial calamity (for now)

Palisades Center Mall operator avoids financial calamity (for now)
According to the report, purchase applications are down while refinancing is up (iStock)

Applications for mortgages to buy homes drop

Applications for mortgages to buy homes drop
Clipper Equity's David Bistricer with 77 Commercial Street and Shorewood's S. Lawrence Davis with 160-05 Archer Avenue (REIT, Google Maps)

June’s biggest outer-borough loans led by $386M for Greenpoint

June’s biggest outer-borough loans led by $386M for Greenpoint
220 East 42nd Street and SL Green CEO Marc Holliday (Google Maps)

These were the largest Manhattan real estate loans in June

These were the largest Manhattan real estate loans in June
As the virus took hold, banks were staying clear of jumbo loans. But we’re seeing some positive activity now. (Pixabay)

The jumbo loan market crashed with Covid. But it’s slowly regaining strength

The jumbo loan market crashed with Covid. But it’s slowly regaining strength
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...