A study on late payments surfaced

The Mortgage Bankers Association on Friday, National Crime released its survey for the second quarter. Here are the ugly details:

The Mortgage Bankers Association:

The delinquency rate on mortgages for one to four housing properties stood at 6.41 percent of all loans outstanding at the end of the second quarter of 2008, up six basis points over the first quarter 2008, and up 129 basis points a year ago on a seasonally adjusted basis ….

The percentage of loans in the foreclosure process at the end of the second quarter was 2.75 percent, an increase of 28 basis points over the first quarter of 2008 and 135 basis points a year ago.

The percentage of loans in foreclosure action, which began during the second quarter was 1.08 percent, up 7 basis points from last quarter and 49 basis points a year ago on a non-seasonally adjusted.

The seasonally adjusted total delinquency rate continues to be the highest in the MBA survey. The overall increase in the delinquency rate was driven by the increase in loans 90 days or more late, mainly in California and Florida. . . .

Once again this quarter, the rate of foreclosure starts and the percentage of loans in the process of foreclosure set new records.

Blocking rate starts very different type of loan. For the first loans, foreclosure starts rate fixed loans was 0.34 percent, an increase of five basis points, while the first ARM foreclosure starts were 1.82 percent, an increase of 26 basis points .

For subprime loans, fixed-rate foreclosure starts increased 27 basis points to 2.07 percent and subprime ARM foreclosure starts increased 31 basis points to 6.63 percent.

FHA foreclosure starts a basis point fell to 0.95 percent and VA foreclosure starts increased six basis points to 0.57 percent, all on a non-seasonally adjusted.

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