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Source: MBA National Delinquency Survey
MBA’s most recent National Delinquency Survey results were released yesterday. Continuing resolution of distressed loans and fewer foreclosure starts have helped to reduce the number of loans in the foreclosure process to its lowest level since the first quarter of 2007. The percentage of loans in the foreclosure process at the end of the second quarter of 2017 was 1.29 percent, down ten basis points from the previous quarter and 35 basis points lower than one year ago. The percentage of loans on which foreclosure actions were started during the second quarter was 0.26 percent, a decrease of four basis points from the previous quarter, and six basis points lower than one year ago. The foreclosure starts rate was at its lowest level since 1988.Â
The employment outlook continues to support strong loan performance. Monthly job growth topped 200,000 jobs in July for the fifth time in the first seven months of the year. Factors that could influence a directional change include rising loan-to-value and debt-to-income ratios for certain product types, as affordability is stretched by tight inventory and rising home prices, and normal loan aging.