Posted on Tuesday, March 15, 2011
There was no change in the nationwide average rate on a 30-year, fixed-rate mortgage over the past week.
Florida’s mortgage delinquency rate at the end of 2010 was the highest in the nation, according to the Mortgage Bankers Association.
More than 24 percent of the home loans in Florida were one payment or more past due, or in the process of foreclosure. Nevada came in second, at 22 percent. The national average was 13.6 percent.
New foreclosure filings and repossessions have declined nationwide as mortgage servicers try to work out paperwork issues with the process. There are worries that foreclosure filings could spike again once the servicers get those problems straightened out.
The nationwide delinquency rate declined to 8.93 percent in the fourth quarter from 9.39 percent in the third quarter. MBA Chief Economist Jay Brinkmann said mortgage delinquencies are at their lowest levels since the end of 2008.
“While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner,” he said in a news release. “Despite continued high levels of unemployment, the economy did add over 1.2 million private sector jobs during 2010 and, after remaining stubbornly high during the first half of 2010, first-time claims for unemployment insurance fell during the second half of the year. Absent a significant economic reversal, the delinquency picture should continue to improve during 2011.”
Florida’s unemployment rate stands at 12 percent.
South Florida Business Journal - by Brian Bandell