"Marina Walsh, MBA's vice president of industry analysis, said that the increases in delinquencies were led by worsening performance among Federal Housing Administration (FHA) loans. Since this time last year, the FHA seriously delinquent rate which includes 90+ day delinquencies and loans in foreclosure increased by almost 50 basis points. In contrast, the conventional and VA seriously delinquent rates remained relatively flat, Walsh said in a statement."
"The seasonally adjusted mortgage delinquency rate rose across all most delinquency types in the third quarter. Thirty-day delinquencies increased 2 bps to 2.12%, 60-day delinquencies rose 4 bps to 0.76%, and 90-day delinquencies held at 1.11%. By loan type, the delinquency rate for conventional mortgages increased 2 bps to 2.62%. FHA delinquencies rose 21 bps to 10.78%, while those for U.S. Department of Veterans Affairs (VA) loans increased 18 bps to 4.50%."
Increases in delinquencies were led by worsening FHA loan performance, with the FHA seriously delinquent rate rising almost 50 basis points year over year. FHA homeowners face stressors including a softer labor market, higher personal debt obligations, and increases in taxes, homeowners insurance and other fees that worsen affordability. Home-price declines in some regions may limit homeowners' ability to sell or refinance. Seasonally adjusted 30-, 60-, and 90-day delinquency rates moved to 2.12%, 0.76% and 1.11% respectively. FHA delinquencies reached 10.78%, conventional 2.62%, VA 4.50%, and foreclosure inventory edged to 0.50%.
Read at www.housingwire.com
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