Subprime Continues to Climb

Compared with fourth quarter of 2008, the first quarter of 2009 showed the non-seasonally adjusted seriously delinquent rate increased 177 basis points for subprime loans from 23.11% to 24.88%.

According to data from the MBA National Delinquency Survey, during the first quarter foreclosure starts rate increased 69 basis points for subprime loans from 3.96% to 4.65%. Over the past year, the non-seasonally adjusted foreclosure starts rate increased 36 basis points overall, and 57 basis points for subprime loans.