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Read next: Housing affordability plummeted in last year: First American Financial
Marina Walsh, MBA’s vice president of industry analysis, noted that most of the improvement across all product types – FHA, VA, and conventional loans – resulted from a decline in the loans that were 90 days or more delinquent but not in the foreclosure process.
The share of loans that are 90 days or more past due or in the foreclosure process edged down 27 basis points from the first quarter to 2.12% in the second quarter. It was down by 191 basis points from last year.
“Foreclosure inventory levels and foreclosure starts remain well below historical averages for the survey – a strong indication that servicers are able to help delinquent borrowers find alternatives to foreclosure,” Walsh said. “Such alternatives include curing, loan workouts, home sales – with possible equity to spare, or cash-for-keys and deed-in-lieu options.”
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