The percentage of home loans that are past due or in foreclosure showed widespread improvement in the first quarter, according to the Mortgage Bankers Association.Overall, 4.41% of home loans were at least 30-days late at the end of the first quarter, down 29 basis points from the fourth quarter on a seasonally adjusted basis, according to the MBA's National Delinquency Survey. The percentage of loans in the foreclosure process declined one basis point to 0.98% from the previous quarter. MBA chief economist Doug Duncan said a strong economy and job growth in the first quarter offset factors such as the aging of the loan portfolio, rising short term interest rates, and high energy prices that have put upward pressure on delinquency rates.
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