Percentage of Delinquent Mortgages Declines

Washington, DC, May 16, 2012 -- The percentage of mortgages in the foreclosure process or at least one payment past due has declined to the lowest combined rate since 2008, the Mortgage Bankers Association said.

The combined percentage fell to 11.33% in the first quarter, down from 12.53% in the fourth quarter. In the first quarter of 2011, the combined rate stood at 12.31%, the trade group’s data showed.

The delinquency rate, which tracks home loans at least one payment past due but not in foreclosure, fell to 6.94% in the first quarter from 8.15% in the fourth quarter, a record decline.

A year ago the rate was at 7.79%.

However, the percentage of loans in the foreclosure process ticked higher to 4.39% in the first quarter from 4.38% in the fourth quarter.