The other day we told you about various reports that said foreclosures were down but delinquencies were up. Today the Mortgage Bankers Association (yeah, them again) said that there are in fact fewer delinquencies than a year ago, and foreclosures were down as well.

Looking at residential properties of one to four units, the MBA said the delinquency rate was 8.44% in the second quarter. While that’s up a bit from the first quarter (up .23%, to be specific), it’s down almost 1.5% from the same period last year.

Meanwhile, new foreclosures are also down, albeit slightly — 0.96% of loans had foreclosure proceedings begun, compared to 1.11% a year ago.

And homes in the foreclosure process? Down a tiny fraction (0.14%) from a year ago.

Sound like tiny amounts? They’re actually significant. If it helps, do what the MBA does and talk about basis points instead of percentages. (1 bp = 0.01 %.)


  Q2 2010 ->
Q2 2011
(aka year to year)
Q1 2011 ->
Q2 2011
(aka qtr to qtr)
Delinquencies DOWN 141 basis points UP 12 bp
New foreclosures DOWN 12 bp DOWN 15 bp
In foreclosure DOWN 9 bp DOWN 14 bp


Click here for the full MBA release.