The Mortgage Bankers Association’s (MBA) latest National Delinquency Survey, 2nd quarter of 2019 data, reveal state-level variation in the timeliness of mortgage payments. Overall, the “seriously delinquent” rate, i.e., the proportion of home mortgage loans that are 90+ days delinquent or in the process of foreclosure, remained unchanged at 2.0% from the previous quarter1. The number of loans, however, in the seriously delinquent category did increase from the previous quarter by 3 thousand to a level of 754 thousand. This is because the outstanding number of loans serviced in the United States increased by 186 thousand. The stability of the seriously delinquent rate from the previous quarter on a national level also remained for the constituent loan types surveyed by the MBA: FHA loans, VA loans, and conventional loans.
New Jersey, New York, Louisiana, Vermont, and Delaware rounded out the top five states that had the highest seriously delinquent rates while Idaho, Utah, Nebraska, Colorado, and Minnesota made up the five states that had the lowest seriously delinquent rates in the 2nd quarter of 2019.
Seriously delinquent rates have been generally declining following the Great Recession, so these rates are lower on a year-over-year basis. It should be noted that of the five states posting the highest seriously delinquent rates, as of the end of June 2019, New York, Vermont, and Louisiana experienced declines in single-family permit issuances, as well, from the previous month.
- The seriously delinquent rate is reported only on a non-seasonally adjusted basis.