Slow Home Loan Payers Declined in First Quarter

The percentage of Americans who were late in their mortgage payments in the first quarter of 1988 fell to the second lowest level since 1979, according to a survey released by the Mortgage Bankers Assn. of America.

The mortgage delinquency survey included 9 million mortgage loans on one-to-four-unit residential property totaling an estimated $424 billion of debt in the first quarter, as reported by more than 350 lenders.

Loans 30 days or more past due declined from 4.95% in the fourth quarter of 1987 to 4.78% in the first quarter of 1988. Foreclosures started remained unchanged from the fourth quarter of 1987 to the first quarter of 1988 at 0.27%.

Mortgage payments 60 days or more late fell from 1.70% in the fourth quarter of 1987 to 1.59% in the first quarter of 1988.

The more serious category of late payments, those 90 days or more late, declined from 0.90% to 0.85% from the fourth to first quarters.