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Delinquency Rates and Foreclosures Down

Nevada ranks second in 90 day plus delinquency rates and 8th in terms of loans in foreclosure.

The Mortgage Bankers Association released their first quarter national survey of mortgage delinquency data.  From a national perspective, mortgage delinquencies and foreclosures declined during the latest reporting period.  New Jersey reported the highest rate of foreclosure starts and loans in foreclosure, while Mississippi is leading the nation in terms of the share of loans past due.

In Nevada, roughly 6.1% of loans are past due, which is down 0.9% from the prior quarter and 2.1% from a year ago. The state is now ranked 21st nationally in terms of the share of loans past due; however, it continues to report one of the highest rates of 90-days-plus delinquencies. During the first quarter, approximately 3.8% of loans in Nevada were 90 days or more past due, representing the second-highest share in the nation. Meanwhile, roughly 3.5% of loans are now in foreclosure, ranking Nevada 8th nationally. Despite some of the highest rates of 90-days-plus delinquency and foreclosure in the nation, roughly 43,888 loans in Nevada are now past due or in foreclosure, which is the lowest number reported by the state since the 3rd quarter of 2007.  At the peak, a total of 134,159 mortgages were either past due or in foreclosure.

 

 

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