Mike Fratantoni, chief economist at the MBA, wrote a great article for us last week on the sharp decline in mortgage delinquencies in the second quarter. For this article, it's all good news on delinquencies and forbearance.
How good?
"Although delinquency rates decreased across categories in the second quarter… the biggest decline was for loans that were 90+ days past due. In fact, the 72-basis point decline for the 90+ delinquency rate was the largest such decline in the history of MBA's survey going back to 1979."
Even better is that the delinquency rates showed the largest quarterly declines in the history of the survey for both FHA and VA loans. That means the most vulnerable homeowners are getting back on their feet, a great sign for the housing economy.
The MBA data on forbearance is also very positive, showing that we are down to only about 1.5 million homeowners with a loan in forbearance. Still, servicers have a huge job ahead of them as moratoria end and those 1.5 million borrowers need to be moved into modification plans.
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