Delinquent home loans down; foreclosures up
11/18/2011Far fewer borrowers are delinquent on their home loans, a Mortgage Bankers Association report shows, but new foreclosure actions are on the rise in states such as California.
The percentage of loans on which foreclosure actions were started during the third quarter was 1.08 percent, up from 0.96 percent in the second quarter.
The percentage of U.S. loans somewhere in the foreclosure process at the end of the third quarter was 4.43 percent, up slightly from a year earlier. The rate of homes in foreclosure was highest in Eastern and Midwestern states that route all home repossessions through the courts, with Florida at more than 14 percent and New Jersey at 8 percent.