Delinquencies in California declined in the first 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 55 basis points to 2.13% in the first quarter. The percentage of loans in which foreclosure was started fell 1 bp to 0.17%, while the percentage of loans in the foreclosure process fell 4 bps to 0.33%. The association can be found online at http://www.cmba.com.
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