Late Mortgage Payments Increase
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The percentage of Americans making late mortgage payments increased to 4.63% in the second quarter, from 4.37% in the first quarter, because of the slowing economy and increasing job layoffs, the Mortgage Bankers Assn. of America said.
The number of mortgages on which lenders moved to foreclose also increased, from 0.31% to 0.36%, according to the trade group’s latest survey.
Douglas G. Duncan, chief economist for the association, said he expects the rates to increase this quarter, because mortgage delinquencies and foreclosures tend to lag deteriorating economic conditions.
The delinquency rate for conventional private-sector mortgage loans increased 16 basis points to 2.93%, according to the survey, while the delinquency rate on Federal Housing Administration loans increased 79 basis points to 10.79%. The rate for mortgages obtained through the Veterans Administration increased by 41 basis points to 7.63%.
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