The Real Deal Miami

Over one-tenth of Florida loans past due in second quarter: MBA

August 26, 2010 02:15PM

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Click image for larger version (source: MBA)

More than one in 10 Florida loans was past due in the second quarter of 2010, according to the Mortgage Bankers Association’s national delinquency survey (see the full report below). Of those delinquent loans, more than half were seriously in default — more than 90 days past due. But newly delinquent loans also made a significant showing in the second quarter, with 3.3 percent of all loans calculated just 30 days behind in payment. Amongst Florida subprime loans, 22.4 percent had installments that were past due. Nationwide, the U.S. delinquency rate was around 9.85 percent during the second quarter, down 21 basis points from the first quarter of the year, when the rate was 10.06 percent. The delinquency rate actually climbed .61 percent compared to the second quarter of 2009. TRD