The delinquency rate for mortgage loans on residential properties in Massachusetts was 8.19 percent at the end of the fourth quarter of 2011, an increase of six 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 Massachusetts on which foreclosure was started during the quarter rose 11 basis points to 0.69 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose eight basis points to 2.95 percent.
The delinquency rate for prime adjustable-rate mortgage (ARM) loans decreased 64 basis points
to 10.12 percent and the rate for prime fixed rate mortgage loans increased five basis points to 4.85 percent. The delinquency rate for sub-prime ARM loans decreased 38 basis points to 32.13 percent, while the rate for sub-prime fixed rate loans decreased 17 basis points to 25.98 percent.
The delinquency rates for FHA and VA loans were 11.39 percent and 7.66 percent, respectively—up 96 basis points for FHA loans and up 46 basis points for VA loans.
The foreclosure starts rate for prime ARMs in Massachusetts increased 25 basis points to 1.12 percent, while the rate for prime fixed rate loans increased 11 basis points to 0.44 percent.
The foreclosure starts rate for sub-prime ARMs decreased nine basis points to 2.21 percent, while the rate for sub-prime fixed rate loans decreased seven basis points to 1.7 percent.
The percentage of prime ARMs in foreclosure increased five basis points to 5.22 percent and increased seven basis points to 1.49 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 62 basis points to 18.17 percent, while the rate for sub-prime fixed rate loans increased 10 basis points to 9.04 percent. The percentage of FHA loans in foreclosure increased 25 basis points to 2.43 percent. The percentage of VA loans in foreclosure increased 22 basis points to 2.27 percent.
Among the 50 states and the District of Columbia, Massachusetts ranked 23rd in delinquencies and 39th 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.
