Foreclosure Inventory Rate Increases for FHA Loans
During the first quarter of 2009, the foreclosure inventory rate increased 61 basis points for prime loans (from 1.88% to 2.49%) and 63 basis points for subprime loans (from 13.71% to 14.34%). FHA loans saw a 33 basis point increase in the inventory rate (from 2.43% to 2.76%), while the foreclosure inventory rate for VA loans increased 27 basis points (from 1.66% to 1.93%).
Compared with the first quarter of 2008, the rate increased 127 basis points for prime loans and 360 basis points for subprime loans. The foreclosure inventory rate increased 36 basis points for FHA loans and 69 basis points for VA loans. Across all loan types, the states with the highest overall delinquency rates were Nevada (11.75%), Mississippi (11.70%) and Florida (10.67%).