Delinquent mortgage rate falls to 4-year low

REAL ESTATE WATCH

April 30, 2000

The nation's strong economy has continued to push down the mortgage delinquency and foreclosure rate, according to the latest survey by the Mortgage Bankers Association of America.

"This is the lowest combined delinquency and foreclosure rate since 1973," said Paul Reid, MBA executive vice president.

"The longest economic expansion in U.S. history and historically low interest rates have been the primary drivers pushing the delinquency and foreclosure rates down to these levels."

Mortgage delinquencies nationwide posted the largest decline in more than four years, falling to 3.93 percent in the fourth quarter of last year. Delinquencies have fallen almost a half-percent since the second quarter of 1998 and are at the lowest level since registering 3.92 percent in the first quarter of 1995.

The percentage of loans in which foreclosure started during the fourth quarter of last year rose to 0.31 percent, and loans in the foreclosure process at the end of the quarter were unchanged at 0.98 percent.

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