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From: tejek	2/20/2010 1:47:33 PM
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Delinquency rate for mortgages declines BY GRETA GUEST The national mortgage delinquency rate fell to 9.47% in the fourth quarter and the number of those just 30 days behind took a rare tumble, leading the Mortgage Bankers Association chief economist to predict the end is near for the nation's foreclosure crisis. While the rate is still up from the fourth quarter of last year, the fact that it fell from the third quarter during a season when people frequently pay the mortgage late to pay heating bills or buy holiday gifts, is a good sign, said Jay Brinkman, the association's chief economist, on Friday. "We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007...," Brinkman said. "It also gives us growing confidence that the size of the problem now is about as bad as it will get." Michigan ranked fourth in delinquencies and fourth in foreclosures started during the three months ended Dec. 31. Of Michigan's 1.38 million mortgage loans, 12.99% were 30 or more days past due while 4.56% were in foreclosure. Delinquencies were up 35 basis points and foreclosures were up 7 basis points. Mississippi ranked first in delinquencies with a rate of 14.92%, and Florida ranked first in foreclosure inventory with 13.44%. Brinkman said loans 90 days or more past due now account for half of all delinquencies, double the share two years ago. The 30-day past due numbers had been the largest share of delinquencies, which means fewer homeowners went into delinquency in the fourth quarter. But until the unemployment rate falls, Brinkman expects more delinquent borrowers to enter foreclosure as they simply don't have the income to make their mortgage payments. "The pattern of mortgage delinquencies now very much follows the pattern of unemployment," he said. freep.com

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