Surprise: FHA Delinquencies, Including Serious Category, Fall
Although rumors abound that reserves in the FHA fund may turn negative sometime next year, delinquencies on government-backed loans–including those in the 90-day plus category–fell in the third quarter, according to brand new figures released by the Mortgage Bankers Association.
MBA reported that all FHA loans–FRMs and ARMs alike–had a delinquency rate of 11.14% at Sept. 30 compared to 11.89% in June and 12.09% a year ago.
FHA loans in the 90-day-plus category (a k a seriously delinquent loans) fell to 8.54% at Sept. 30 from 9% at June 30. However, a year ago, the seriously delinquent rate was lower at 8.39%.
The trade group reported that all outstanding mortgages were late by 7.4% at Sept. 30 an improvement over 2Q (7.58%) and 3Q 2011 (7.99%). This includes conventional, government and subprime mortgages.
According to figures compiled by National Mortgage News and the Quarterly Data Report, consumers owe roughly $9.4 trillion on their home loans.