Skip Navigation LinksHome > Services & Information > News Bites > View News Bite
1-800-22-LOANS
     
 
Date: 9/10/2008
Authors: Mortgage Bankers Association
 
     

News Bite

California, Florida drive mortgage delinquencies in latest MBA Report

Mortgage loan delinquency rates in Florida and California are driving the nation's residential delinquency rate, which jumped 0.06 percent in the second quarter to 6.41 percent of all outstanding loans, according to the latest report from the Mortgage Bankers Association.

California and Florida accounted for 58 percent of all prime adjustable rate mortgage (ARM) foreclosure starts in the second quarter and 78 percent of the increase in prime ARM foreclosure starts.

The foreclosure starts rates on prime ARMs were 2.47 percent for California and 3.20 percent for Florida, versus the national median of 1.06 percent. The foreclosure starts rate for subprime ARM loans in California was 9.5 percent and in Florida 9.1 percent, about double the national median rate for subprime ARMs.






Mortgage loan delinquency rates in Florida and California are driving the nation's residential delinquency rate, which jumped 0.06 percent in the second quarter to 6.41 percent of all outstanding loans, according to the latest report from the Mortgage Bankers Association.

California and Florida accounted for 58 percent of all prime adjustable rate mortgage (ARM) foreclosure starts in the second quarter and 78 percent of the increase in prime ARM foreclosure starts.

The foreclosure starts rates on prime ARMs were 2.47 percent for California and 3.20 percent for Florida, versus the national median of 1.06 percent. The foreclosure starts rate for subprime ARM loans in California was 9.5 percent and in Florida 9.1 percent, about double the national median rate for subprime ARMs.



























Copyright ©  2011, Budget Finance Company Equal Housing Lender [ Privacy Policy | Licenses | Terms of Use | Notices ] - Budget Finance Company – NMLS# 63771