In the first quarter of 2015, the percentage of delinquencies and loans in foreclosures has dropped to their lowest since the last quarter of 2007. According to the National Delinquency Survey of the Mortgage Bankers Association (MBA), housing loan delinquency rates were at 5.54% on a seasonally adjusted basis for residential houses. Also, 2.22% of mortgage loans were in foreclosure.
Joel Kan, Associate Vice-President of Industry Surveys and Forecasting for the MBA, stated, “The foreclosure inventory rate has decreased in the last twelve quarters, and now is at the lowest level since the fourth quarter of 2007. With a declining 90+ day delinquency rate and the improving credit quality of new loans, we expect that the foreclosure inventory rate will continue to decline in coming quarters.”
The survey also revealed that legacy loans accounted for the highest percentage of problem mortgages. Reviewing the total number of problem loans, 73% of mortgage loans originated in 2007 or earlier. According to Mortgage Bankers Association’s records, applications for mortgage loans also dropped by 4.6% in the last week of April, 2015.
As of March 2015, foreclosure activity has spiked. Realty Trac’s records show that the total number of foreclosures rose above 120,000 in March 2015, following a decrease in January and February. March’s average foreclosure rate in the United States was one foreclosure out of every 1,082 houses. Florida held the highest amount of foreclosure activity with one foreclosure out of every 446 houses.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.