N.H. mortgage delinquencies rise in 2Q
The second-quarter delinquency rate for mortgage loans on one- to four- unit residential properties in New Hampshire increased, as did the percentage of mortgages in the foreclosure process, according to the Mortgage Bankers and Brokers Association of New Hampshire.
According to the group, the delinquency rate for loans on one- to four-unit residential properties in New Hampshire rose 50 basis points to 3.46 percent during the second quarter. The percentage of loans in which foreclosure was started during the quarter fell 3 basis points to .31 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 4 basis points to .50 percent.
The delinquency rate varied for each of the four loan types during the second quarter, the association said. The rate of prime loans was 1.98 percent, up 31 basis points from the previous quarter, the rate of subprime loans was 11.75 percent, up 169 basis points from the previous quarter and the rates for FHA and VA loans were 9.90 percent and 5.77 percent up 34 basis points for FHA loans and up 87 basis points for VA loans.
The association also said the inventory of loans in the foreclosure process in New Hampshire at the end of the quarter varied by loan type as well.
The percentage of prime loans in foreclosure increased 2 basis points to .22 percent, the percentage of subprime loans in foreclosure increased 21 basis points to 2.25 percent, and the percentage of FHA loans in foreclosure decreased 6 basis points to 1.00 percent. The percentage of VA loans in foreclosure increased 2 basis points to .65 percent.
At the national level, the delinquency rate on one- to four-unit residential properties was 4.39 in the second quarter, down 2 basis points from the last quarter. The percentage of loans in which foreclosure was started during the quarter rose 2 basis points to .43 percent, while the percentage of loans in the foreclosure at the end of the quarter rose 1 basis point to .99 percent, according to MBBA-NH. – JEFF FEINGOLD