Because I have to back up what I've been writing. I had the stats I needed somewhere and now I can't find it. I KNOW I posted the calculations here and I just can't find it.
OK, so let's do this again.
More than nine out of 10 mortgages remain current. However, credit quality declined during the second quarter across all risk categories. The overall percentage of current and performing mortgages in the combined portfolio declined from 93.35 percent at the end of the first quarter to 92.61 percent at the end of the second quarter.
Loans 60-89 days delinquent increased during the second quarter from a low of 0.96 percent at the end of March to 1.06 percent at the end of June. Delinquencies of 90 days or more increased from 1.23 percent in March to 1.38 percent in June. Loans delinquent 60-89 days and 90 days or more increased in each month during the second quarter of 2008.
Foreclosures in process increased in each month of the second quarter from 483,375, or 1.40 percent of the total portfolio, in March to 555,680, or 1.60 percent, in June.
- More than nine out of 10 mortgages remain current. However, credit quality declined during the second quarter across all risk categories. The overall percentage of current and performing mortgages in the combined portfolio declined from 93.35 percent at the end of the first quarter to 92.61 percent at the end of the second quarter.
- There were increases in early stage delinquencies (30-59 days past due) and seriously delinquent mortgages, defined as mortgages that are 60 or more days past due plus loans to bankrupt borrowers who are 30 or more days past due. Foreclosures also increased in the second quarter.
|% of all Mortgage Loans in the Portfolio||End of the First Quarter 2008||End of the Second Quarter 2008|
|30-59 days delinquent||2.57%||2.85%|
|Foreclosures in process
|Total Mortgage Portfolio
(% of all mortgage loans in the portfolio)
|Current and performing||93.15%||93.36%||93.35%||92.99%||92.97%||92.61%|
|30-59 days delinquent||2.85%||2.65%||2.57%||2.76%||2.67%||2.85%|
|The following three categories are classified as seriously delinquent.|
|60-89 days delinquent||1.07%||0.97%||0.96%||1.00%||1.02%||1.06%|
|90+ days delinquent||1.23%||1.23%||1.23%||1.28%||1.31%||1.38%|
|Bankruptcy 30+ days delinquent||0.47%||0.47%||0.48%||0.49%||0.50%||0.51%|
|Subtotal for seriously delinquent||2.77%||2.66%||2.67%||2.77%||2.83%||2.95%|
|Foreclosures in process||1.24%||1.33%||1.40%||1.48%||1.53%||1.60%|
|Total Mortgage Portfolio
(Number of mortgage loans in the portfolio)
|Current and performing||
|30-59 days delinquent||
The default rate for mortgages recently insured by the Federal Housing Administration has been climbing, an alarming trend for an agency that is playing a vastly expanded role in the mortgage market and backing roughly a quarter of all the loans made last year.
About 4.31 percent of the FHA-insured loans made in the two years ending Dec. 31 were at least 90 days late, according to the most recent update of an FHA database designed to help the agency detect problems with its lenders and programs. That's the highest in any two-year period since at least 2005.
On a monthly basis, FHA defaults have been rising since summer, according to the Department of Housing and Urban Development, which includes the FHA. Not all defaults result in foreclosure.9% Of All Mortgages in Default/Foreclosure
WASHINGTON (AP) — A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday.But the source of trouble in the mortgage market has shifted from subprime loans made to borrowers with poor credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.
The problem is also concentrated in a handful of states, the worst being California and Florida. The real estate markets in those two states were fueled by some of the riskiest lending practices and rampant speculation during the housing boom that has turned into a devastating bust.Foreclosures, Delinquincies hit record High