By Dees Stribling, Contributing Writer
The Mortgage Bankers Association said on Thursday that the delinquency rate for outstanding mortgages on U.S. residential properties (of fewer than four units) decreased to 6.39 percent at the end of the fourth quarter of 2013, the lowest level since the first quarter of 2008. The organization’s National Delinquency Survey found that while delinquencies were down a scant two basis points compared with third quarter, they dropped 70 basis points compared with the fourth quarter of 2012.
The delinquency rate includes loans at least one payment past due but not in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the fourth quarter was 2.86 percent, according to the MBA, down 22 basis points from the third quarter and 88 basis points from a year ago. This was the lowest foreclosure inventory rate since 2008.
