The delinquency rate in the second quarter for one- to four-unit homes fell to its lowest seasonally adjusted level in eight years, according to the Mortgage Bankers Association.
The rate
The figures include only loans that are past due, not those already in foreclosure. The number of loans in foreclosure fell 13 basis points to 2.09% from the first quarter, and 40 basis points from a year earlier. That's the lowest the foreclosure rate has been since the fourth quarter of 2007.
The serious delinquency rate — loans that are at least 90 days past due or in the process of foreclosure — fell 29 basis points to 3.95% from the first quarter. That was an 85-basis-point decline from a year ago.
The figures reflect "a nationwide housing market recovery and strong job market that provide opportunities for distressed loans to be resolved rather than be put into foreclosure," Marina Walsh, the MBA's vice president of industry analysis, said in a news release.
New Jersey, New York and Florida had the highest percentage of loans in foreclosure, among all states.
