According to the Mortgage Bankers Association's (MBA's) National Delinquency Survey (NDS) for the third quarter, the delinquency rate on single-family loans fell to a seasonally adjusted 7.40 percent, a drop of 18 basis points from the second quarter.
The third-quarter 2012 delinquency rate was 59 basis points lower than the rate one year ago, according to MBA.
The NDS for the third quarter also found that the percentage of loans in the foreclosure process was 4.07 percent, down 20 basis points from the second quarter and 36 basis points lower than one year ago. The foreclosure start rate in the new report was 0.90 percent, down 6 basis points from the second quarter and down 18 basis points from one year ago.
There was significant improvement in the serious delinquency rate for the third quarter, according to the new NDS. The serious delinquency rate was 7.03 percent, a decrease of 28 basis points from the second quarter and a drop of 86 basis points from one year ago. The serious delinquency rate is the percentage of loans that are 90 days or more past due or in the process of foreclosure.
"Mortgage delinquencies decreased compared to last quarter overall, driven mainly by a decline in loans that are 90 days...