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Mortgage delinquencies fall sharply in Q1

The mortgage delinquency rate fell significantly in the first quarter of 2018 after rising in hurricane-impacted states to end 2017, the Mortgage Bankers Association (MBA) reported on Wednesday.

“Mortgage delinquencies decreased from the previous quarter across all loan types – conventional, VA, and in particular, FHA – as the effects of the September hurricanes dissipated,” according to Marina Walsh, MBA’s vice president of industry analysis.

“The strong economy, low unemployment rate, tax refunds and bonuses and home price appreciation were key factors that helped push delinquencies down in the first quarter,” she said.

The adjusted delinquency rate stood at 4.63 percent, down 54 basis points from the fourth quarter and down eight basis points from one year earlier.

The serious delinquency rate, or percentage of loans 90 days or more past due or in the process of foreclosure, was 2.61 percent in the first quarter of 2018, down 30 basis points from the fourth quarter, and down 15 basis points year over year.

Delinquencies in the hurricane-impacted states of Texas and Florida declined sharply. The unadjusted delinquency rate in Texas dropped by 1.7 percentage points to 5.62 percent in the first quarter. The overall delinquency rate for Texas was 5.05 percent prior to the hurricane.

In Florida, the delinquency rate dropped 2.3 percentage points to 6.59 percent in the first quarter. Prior to the hurricane, the overall delinquency rate for Florida was 4.07 percent.

Four out of the top five states with the highest 90 day delinquency rate in the first quarter of 2018 were impacted by the hurricanes: Florida, Mississippi, Louisiana and Texas, MBA said. The other state in the top five was New Jersey.


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