The delinquency rate for mortgage loans on residential properties in Oregon was 5.41 percent at the end of the fourth quarter of 2011, a decrease of 11 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 Oregon on which foreclosure was started during the quarter rose 15 basis points to 1.2 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell eight basis points to 3.61 percent.
The delinquency rate for prime adjustable-rate mortgages (ARMs) decreased 78 basis points to 7.91 percent and the rate for prime fixed rate mortgage loans decreased six basis points to 3.11 percent. The delinquency rate for sub-prime ARMs decreased 145 basis points to 18.97 percent, while the rate for sub-prime fixed rate loans decreased 52 basis points to 16.56 percent.
The delinquency rates for FHA and VA loans were 9.25 percent and 5.57 percent, respectively—up 38 basis points for FHA loans and up 16 basis points for VA loans.
The foreclosure starts rate for prime ARMs in Oregon increased 28 basis points to 2.68 percent, while the rate for prime fixed rate loans increased four basis points to 0.68 percent. The foreclosure starts rate for sub-prime ARMs increased 101 basis points to 6.54 percent, while the rate for sub-prime fixed rate loans increased 143 basis points to 3.99 percent.
The percentage of prime ARMs in foreclosure decreased 32 basis points to 8.21 percent and decreased nine basis points to 1.93 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 60 basis points to 20.95 percent, while the rate for sub-prime fixed rate loans decreased 11 basis points to 10.82 percent. The percentage of FHA loans in foreclosure increased 36 basis points to 3.09 percent. The percentage of VA loans in foreclosure increased 30 basis points to 3.35 percent.
Among the 50 states and the District of Columbia, Oregon ranked 45th in delinquencies and seventh 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.