Michigan Leads The Way in VA Delinks
Both year-over-year and quarterly improvements in VA delinquency rates were more prominent in all states, according to the Mortgage Bankers Association's National Delinquency Survey. Curiously, Michigan is the new “black sheep” in terms of deteriorating performance, while the leading delinquent states of California, Florida, Nevada and Arizona show signs of improvement.
While Michigan had the highest 90-day-plus delinquency rate in the VA group it also had the largest quarterly improvement. The change was by 33 bps year-to-year and 87 bps 1Q10 vs. 4Q09.