“The total delinquency rate and foreclosure starts rate decreased and are back down to levels from three years ago,” said Jay Brinkmann, MBA’s chief economist and senior vice president for research and education, in a news release.
“A major reason is that the loans that are seriously delinquent are predominantly made up of loans originated prior to 2008 and this pool is steadily growing smaller as a percent of total loans outstanding,” he said.
“In addition, employment is the key driver of mortgage performance and the mortgage delinquency rate is actually falling faster than the unemployment rate is declining,” he said.
The percentage of mortgages that have at least one payment past due or are in foreclosure was 12.63% in the fourth quarter, down from 12.73% in the third quarter and 13.7% in the fourth quarter of 2010, according to the MBA’s quarterly delinquency survey.
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