WASHINGTON – The Mortgage Bankers Association last week released the results of its first quarter 2006 National Delinquency Survey, and the results were encouraging-the percentage of loans in the foreclosure process was down one basis point from the fourth quarter 2005, and the seasonally adjusted rate of loans entering the foreclosure process was one basis point lower than the previous quarter.
In addition, the delinquency rate for mortgages on one-to-four unit residential properties was down 29 basis points from the fourth quarter 2005.
Compared with the first quarter 2005, the percentage of loans in the foreclosure process in the first quarter 2006 was down 10 basis points, and the percentage of loans entering the foreclosure process was down one basis point.
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Unfortunately, the delinquency rate was up 10 basis points from one year ago.
The 2006 first quarter data covered 41.3 million loans including 31.4 million prime loans, 5.6 million subprime, and 4.3 million government loans.
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