The delinquency rate for mortgage loans on residential properties in Kansas was 7.16 percent at the end of the fourth quarter of 2011, an increase of eight 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 Kansas on which foreclosure was started during the quarter fell eight basis points to 0.72 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose one basis point to 2.38 percent.
The delinquency rate for prime adjustable-rate mortgages (ARMs) decreased 54 basis points to 7.42 percent and the rate for prime fixed rate mortgage loans increased 12 basis points to 3.83 percent. The delinquency rate for sub-prime ARMs decreased 179 basis points to 26.11 percent, while the rate for sub-prime fixed rate loans decreased 50 basis points to 15.82 percent.
The delinquency rates for FHA and VA loans were 11.01 percent and 6.82 percent, respectively—up 54 basis points for FHA loans and up 39 basis points for VA loans.
The foreclosure starts rate for prime ARMs in Kansas decreased 11 basis points to 1.03 percent, while the rate for prime fixed rate loans decreased 12 basis points to 0.43 percent. The foreclosure starts rate for sub-prime ARMs decreased 104 basis points to 3.32 percent, while the rate for sub-prime fixed rate loans decreased 28 basis points to 1.46 percent.
The percentage of prime ARMs in foreclosure decreased seven basis points to 3.27 percent and decreased nine basis points to 1.45 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 46 basis points to 13.28 percent, while the rate for sub-prime fixed rate loans increased 43 basis points to 5.19 percent. The percentage of FHA loans in foreclosure increased 34 basis points to 2.77 percent. The percentage of VA loans in foreclosure increased seven basis points to 1.93 percent.
Among the 50 states and the District of Columbia, Kansas ranked 33rd in delinquencies and 35th 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.