Seriously Delinquent Rate for FHA Increases

On a year-over-year basis, the seriously delinquent rate was 207 basis points higher for prime loans and 867 basis points higher for subprime loans for the fourth quarter of 2008, according to the he Mortgage Bankers Association's National Delinquency SurveyThe rate also increased 98 basis points for FHA loans and 129 basis points for VA loans. For adjustable rate mortgage loans, seriously delinquent rates in the fourth quarter increased 236 basis points for prime ARM loans and increased 494 basis points for subprime ARMs. Over the past year, foreclosure starts rate increased 20 basis points overall, 25 basis points for prime loans, 25 basis points for subprime loans, three basis points for FHA loans, and 22 basis points for VA loans.