Mortgage Delinquencies in Nevada Rise Over 10 Percent in Q4
The delinquency rate for mortgage loans on residential properties in Nevada was 10.28 percent at the end of the fourth quarter of 2011, an increase of seven 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 Nevada on which foreclosure was started during the quarter fell 106 basis points to 1.42 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell 86 basis points to 7.03 percent.
The delinquency rate for prime adjustable-rate mortgages (ARMs) increased 95 basis points to 17.04 percent and the rate for prime fixed rate mortgage loans increased seven basis points to 6.09 percent. The delinquency rate for sub-prime ARMs decreased nine basis points to 22.07 percent, while the rate for sub-prime fixed rate loans decreased 37 basis points to 18.18 percent.
The delinquency rates for FHA and VA loans were 11.6 percent and 6.47 percent, respectively—up 28 basis points for FHA loans and up four basis points for VA loans.
The foreclosure starts rate for prime ARMs in Nevada decreased 271 basis points to 2.11 percent, while the rate for prime fixed rate loans decreased 79 basis points to one percent. The foreclosure starts rate for sub-prime ARMs decreased 284 basis points to 3.77 percent, while the rate for sub-prime fixed rate loans decreased 67 basis points to 3.06 percent.
The percentage of prime ARMs in foreclosure decreased 175 basis points to 12.68 percent and decreased 55 basis points to 4.34 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 308 basis points to 22.18 percent, while the rate for sub-prime fixed rate loans decreased 69 basis points to 13.35 percent. The percentage of FHA loans in foreclosure increased 12 basis points to 4.47 percent. The percentage of VA loans in foreclosure increased 19 basis points to 3.85 percent.
Among the 50 states and the District of Columbia, Nevada ranked fourth in delinquencies and third 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.
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