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Mortgage Delinquencies in Q4 Fall Nearly Six Percent in Iowa

Mar 21, 2012

The delinquency rate for mortgage loans on residential properties in Iowa was 5.82 percent at the end of the fourth quarter of 2011, a decrease of nine 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 Iowa on which foreclosure was started during the quarter fell three basis points to 0.66 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell three basis points to 2.79 percent. The delinquency rate for prime adjustable-rate mortgages (ARMs) decreased 54 basis points to 7.45 percent and the rate for prime fixed rate mortgage loans decreased 21 basis points to 2.93 percent. The delinquency rate for sub-prime ARMs decreased 126 basis points to 24.2 percent, while the rate for sub-prime fixed rate loans decreased 199 basis points to 17.98 percent. The delinquency rates for FHA and VA loans were 10.29 percent and 6.05 percent, respectively—up 46 basis points for FHA loans and up 22 basis points for VA loans. The foreclosure starts rate for prime ARMs in Iowa decreased eight basis points to 1.07 percent, while the rate for prime fixed rate loans decreased two basis points to 0.43 percent. The foreclosure starts rate for sub-prime ARMs decreased 52 basis points to 3.63 percent, while the rate for sub-prime fixed rate loans decreased 22 basis points to 2.26 percent. The percentage of prime ARMs in foreclosure decreased 20 basis points to 4.54 percent and decreased four basis points to 1.71 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 77 basis points to 17.11 percent, while the rate for sub-prime fixed rate loans decreased six basis points to 10.26 percent. The percentage of FHA loans in foreclosure increased 22 basis points to 3.15 percent. The percentage of VA loans in foreclosure decreased two basis points to 2.57 percent. Among the 50 states and the District of Columbia, Iowa ranked 40th in delinquencies and 40th 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.  
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