FHA Sees Increase In Foreclosure Inventory Rate
During the third quarter of 2009, FHA loans saw a 34 basis point increase in the foreclosure inventory rate from 2.98% to 3.32%, while the foreclosure inventory rate for VA loans increased 22 basis points from 2.07% to 2.29%, according to the MBA's National Delinquency Survey.
Compared with the third quarter of 2008, the rate increased 100 basis points for FHA loans and 83 basis points for VA loans. The foreclosure starts rate went up 16 basis points for FHA loans from 1.15% to 1.31% and increased 19 basis points for VA loans
Over the past year, the non-seasonally adjusted foreclosure starts rate increased 36 basis points for FHA loans and 28 basis points for VA loans. The FHA portion of the survey consists of 4.8 million loans; this is 200,000 loans more than last quarter and 1.1 million loans higher than a year ago.