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Msg  440735 of 452467  at  8/12/2022 8:59:15 AM  by

saintsinneridiot


Consumers are in great shape

 
 “At 3.64 percent, the mortgage delinquency rate in the second quarter fell to its lowest level since MBA’s survey began in 1979 – even beating out the previous pre-pandemic, survey low of 3.77 percent in the fourth quarter of 2019,” said Marina Walsh, MBA’s Vice President of Industry Analysis. “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.”
This shows the consumer is in great financial shape. When the less than 90 delinquent loans are FALLING, it is great news!
So to review:
1) A borrow is delinquent but less than 90 days.
2) After 90 days the loan is considered in default in most states.
3) Then after roughly 90 days, foreclosure procedures can begin.  
 
So if you are worried about the mortgage credit markets, the 90 delinquent rate is way to predict the future losses. When the 90-day rate is FALLING, like now, the mortgage credit market is very very profitable.
 


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