New York one- to four-unit mortgages hit 8.8 percent default rate in Q2

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Click image for larger version (source: MBA)

Average New York state delinquencies on one- to four-unit residential mortgages hit 8.8 percent in the second quarter this year, 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 3.17 percent of all loans calculated just 30 days behind in payment. New York’s delinquencies, however, were below the rest of the country’s, according to the report. Nationwide, the total 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

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