California Home Mortgage

While it reported that most delinquency figures dropped substantially in the second quarter, the Mortgage Bankers Association's National Delinquency Survey also carried some dishearting harbingers of what might lie ahead. The report showed the seasonally adjusted delinquency rate for all loans at 9.85 percent, a drop of 21 basis points from the first quarter but 61 basis points higher than it was during the second quarter of 2009. Delinquency rate figures include all loans that are at least one payment past due, but do not include loans in the process of foreclosure. When those are added into the total the delinquency rate rises to 13.97 percent compared to 14.01 in the first quarter. Foreclosure actions were started on 1.11 percent of loans, down from 1.23 percent in the first quarter…(read more)