Delinquencies in California decreased in the third quarter and so did the percentage of loans in foreclosure, according to the California Mortgage Bankers Association.The CMBA reported that the delinquency rate for mortgage loans on one- to four-unit residential properties fell 16 basis points to 2.57% in the third quarter. The percentage of loans in which foreclosure was started rose 1 bps to 0.16% in the third quarter, while the percentage of loans in the foreclosure process fell 2 bps to 0.35%. "In the 3rd quarter, we see some leveling off of delinquencies as energy prices have subsided and low interest rates have sparked a mortgage origination and refinance wave," said Matthew M. Soto Sr., chairman of the CMBA.
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