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Strategies & Market Trends : Guidance and Visibility

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To: Smart_Money who wrote (13848)	9/5/2001 1:12:08 AM
From: Teri Garner	Read Replies (1) of 208838

Problem mortgages rise in quarter By Steve Kerch, CBS.MarketWatch.com Last Update: 5:21 PM ET Sept. 4, 2001 WASHINGTON -- The share of homeowners paying their mortgages late and the percentage of mortgages in the foreclosure process increased in the second quarter, according to a survey conducted by the Mortgage Bankers Association of America. In MBA's latest National Delinquency Survey, the delinquency rate for loans on one- to four-unit residential properties was 4.63 percent in the second quarter of 2001, up 26 basis points from the first quarter of 2001. The percentage of loans on which foreclosure was started during the quarter rose 5 basis points to 0.36 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 1 basis point to 0.91 percent. Douglas G. Duncan, MBA's chief economist, attributes the higher delinquency rate to several factors, including an anemic 0.2 percent GDP growth in the second quarter, staff reductions in the manufacturing sector and the maturation of the high-volume 1997-1999 originations. cbs.marketwatch.com

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