The delinquency rate for mortgage loans on residential properties in Montana was 4.45 percent at the end of the fourth quarter of 2011, remaining unchanged 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 Montana on which foreclosure was started during the quarter fell two basis points to 0.61 percent, while the percentage of loans in the foreclosure process at the end of the quarter remained unchanged at 1.76 percent.
The delinquency rate for prime adjustable-rate mortgages (ARMs) decreased 115 basis points to 6.66 percent and the rate for prime fixed rate mortgage loans decreased four basis points to 2.33 percent. The delinquency rate for sub-prime ARMs decreased 122 basis points to 20.1 percent, while the rate for sub-prime fixed rate loans decreased 59 basis points to 14.94 percent.
The delinquency rates for FHA and VA loans were 8.44 percent and 4.8 percent, respectively—up 56 basis points for FHA loans and remained unchanged for VA loans.
The foreclosure starts rate for prime ARMs in Montana increased 36 basis points to 1.81 percent, while the rate for prime fixed rate loans decreased four basis points to 0.34 percent. The foreclosure starts rate for sub-prime ARMs decreased 154 basis points to 3.95 percent, while the rate for sub-prime fixed rate loans decreased 80 basis points to 1.85 percent.
The percentage of prime ARMs in foreclosure increased five basis points to 4.8 percent and decreased three basis points to 0.98 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 190 basis points to 16.64 percent, while the rate for sub-prime fixed rate loans decreased 82 basis points to 8.75 percent. The percentage of FHA loans in foreclosure increased 30 basis points to 1.82 percent. The percentage of VA loans in foreclosure increased 26 basis points to 1.72 percent.
Among the 50 states and the District of Columbia, Montana ranked 48th in delinquencies and 42nd 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.
