The delinquency rate for mortgage loans on residential properties in Utah was 7.11 percent at the end of the fourth quarter of 2011, a decrease of 15 basis points from the third quarter of 2011, according to the Mortgage Bankers Association (MBA). The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in Utah on which foreclosure was started during the quarter fell 13 basis points to 0.96 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 10 basis points to 2.45 percent.
The delinquency rate for prime adjustable-rate mortgages (ARMs) decreased 161 basis points to 9.06 percent and the rate for prime fixed rate mortgage loans decreased nine basis points to 3.58 percent. The delinquency rate for sub-prime ARMs decreased 195 basis points to 21.21 percent, while the rate for sub-prime fixed rate loans decreased 68 basis points to 17.22 percent.
The delinquency rates for FHA and VA loans were 11.45 percent and 5.85 percent, respectively—up 59 basis points for FHA loans and down 16 basis points for VA loans.
The foreclosure starts rate for prime ARMs in Utah increased 34 basis points to 2.32 percent, while the rate for prime fixed rate loans increased three basis points to 0.64 percent. The foreclosure starts rate for sub-prime ARMs decreased 406 basis points to 3.86 percent, while the rate for sub-prime fixed rate loans decreased 161 basis points to 2.32 percent.
The percentage of prime ARMs in foreclosure increased 58 basis points to 5.66 percent and increased 11 basis points to 1.45 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 75 basis points to 13.55 percent, while the rate for sub-prime fixed rate loans decreased 15 basis points to 7.21 percent. The percentage of FHA loans in foreclosure increased 16 basis points to 1.93 percent. The percentage of VA loans in foreclosure increased 41 basis points to 1.62 percent.
Among the 50 states and the District of Columbia, Utah ranked 34th in delinquencies and 19th in foreclosures started. Mississippi ranked first in delinquencies with a rate of 13.13 percent and Florida ranked first in foreclosure starts with a rate of 1.68 percent.
On a national level, the delinquency rate for mortgage loans on one- to four-unit residential properties was 8.15 percent on a non-seasonally adjusted basis, down five basis points from 8.20 percent in the third quarter of 2011. The seasonally adjusted delinquency rate on residential properties was 7.58 percent in the third quarter, down 41 basis points from last quarter’s seasonally adjusted rate. The non-seasonally adjusted percentage of loans on which foreclosure was started during the quarter decreased nine basis points to 0.99 percent, while the non-seasonally adjusted percentage of loans in the foreclosure process at the end of the quarter decreased five basis points to 4.38 percent.
