A Light at the End of the Foreclosure Tunnel?

The Mortgage Bankers Association (MBA) reported that the percentage of loans in the foreclosure process ticked up to a new record high in the final three months of 2009, and could continue to climb depending on the fate of a record number of borrowers who are "seriously delinquent," or behind on their payments by 90 days or more.

On the flip side, a percentage of mortgages 30 days past due eased from the third quarter to the fourth. MBA Chief Economist Jay Brinkmann called it a concrete sign of a "beginning of the end" of an unprecedented wave of mortgage delinquencies that began in early 2007.

The survey conducted by MBA shows many more findings, but the drop in short-term delinquencies could be a turnaround point.

Posted on February 19, 2010 16:46:39 by Blog Author