Mortgage Delinquencies Decline!
Nearly 96 percent of homeowners in the U.S. made their mortgage payments on time during the first quarter of 2005, according to a recent report by the Mortgage Bankers Association (MBA). The seasonally adjusted delinquency rate for the first three months of the year was 4.31 percent, down from 4.46 percent for the same period one year earlier. The percentage of loans in foreclosure last quarter also declined, falling to 1.08 percent from 1.29 percent during the first quarter of 2004.
The seasonally adjusted delinquency rate declined for both adjustable rate and fixed-rate loan products during the first quarter of 2005, and foreclosure inventory decreased for all loans types, including prime, subprime and FHA loans. With economic growth expected to remain strong, combined with modest interest rate increases, mortgage delinquency rates should continue for the next few quarters, according to the MBA.
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