The Mortgage Bankers Association (MBA) reports residential mortgage delinquencies have fallen to six percent, according to their National Delinquency Survey, the lowest level since Q4 of 2007, and the fifth consecutive quarter of decline. Mike Fratantoni, MBA’s Chief Economist, informs MHProNews.com that strong job growth and continued increases in home prices in many markets have contributed to these improvements in mortgage performance. According to nationalmortgagenews.com, loans in the foreclosure process dropped 16 basis points from the first quarter to the second quarter, down 84 basis points from a year ago, to 2.49 percent, reducing the foreclosure inventory rate to its lowest level since Q1 2008. Loans 90 days or more past due, or in the process of foreclosure, dropped 24 basis points from the first quarter, and 108 basis points from one year ago to 4.8 percent. As many as three-fourths of these seriously delinquent loans were originated in 2007 or earlier. ##

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