10.6% of Mortgage Loans Delinquent or in Foreclosure in Q1’10 ; MBA

The delinquency rate for one-to-four-unit residential loans in the first quarter rose to a seasonally adjusted rate of 10.06% of loans outstanding from 9.47% the prior quarter and from 9.12% a year earlier, the Mortgage Bankers Association said on Wednesday.

“The serious delinquency rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 9.54% [down from 9.67% last quarter], but an increase of 230 basis points from the first quarter of last year.”

“If mortgage delinquencies are not yet clearly improving, it also appears they are not getting worse,” MBA’s chief economist, Jay Brinkmann said. “However, a bad situation that is not getting worse is still bad.”

The MBA also said that the percentage of loans in the foreclosure process at the end of the first quarter was a record-high 4.63%, up slightly from the fourth quarter of 2009.

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