MBA: 3Q Mortgage Delinquencies Fall to New Survey Low

“For the second quarter in a row, the mortgage delinquency rate fell to its lowest level since MBA’s survey began in 1979. Foreclosure starts and loans in the process of foreclosure also dropped in the third quarter to levels further below their historical averages. The relatively small number of seriously delinquent homeowners are working with their mortgage servicers to find foreclosure alternatives, including loan workouts that allow for home retention.” --Marina Walsh, CMB, MBA Vice President of Industry Analysis.