WASHINGTON (11/18/14)--The number of late mortgage payments in the United States dropped to its lowest level in nearly seven years in the third quarter, according to the Mortgage Bankers Association's National Delinquency Survey (Reuters Nov. 14).
The mortgage delinquency rate fell to 5.85% for the quarter on a seasonally adjusted basis, marking the sixth consecutive quarter the rate has retreated, according to the MBA.
Further, the share of mortgages in the foreclosure process fell to 2.39% in the third quarter, a 10-basis point drop from the second quarter a 69-basis point drop year-over-year.
The MBA also said the third quarter posted the lowest foreclosure inventory rate since the final quarter of 2007.
Delinquency rates have stayed relatively flat at credit unions over the past few months, according to the Credit Union National Association's most recent monthly credit union estimates (News Now Nov. 3).
Over the past five months, the 60-day delinquency rate for credit unions has remained at 0.8%.