Daily Record Business Writer//August 8, 2014
//Daily Record Business Writer
//August 8, 2014
The delinquency rates for residential mortgages in Maryland are up from the first quarter.
According to data from the Mortgage Bankers Association, Maryland’s delinquency rate in the second quarter was 7.1 percent, a 21 basis point increase from the quarter before. As a whole the nation saw its delinquency rates on one-to-four unit residential properties rise 27 basis points to 5.96 percent. Delinquency rates usually increase between the first and second quarters.
Maryland was ranked No. 11 in the country in percentage of delinquent mortgages.
The report from the MBA had mixed news for Maryland as far as foreclosures.
The amount of loans with foreclosure starts in the quarter fell by 11 basis points. While the percentage of loans in the foreclosure process at the end of the quarter fell by 24 basis points to 3.24 percent, the state ranked second nationally in foreclosure starts behind New Jersey.
Raymond Skinner, secretary of the Maryland Department of Housing and Community Development, issued a statement following the release of the MBA’s survey results that portrays the state’s housing market as improving.
“On an annual basis, the total delinquency rate in Maryland has been on the decline since the fourth quarter of 2010, with the long-term delinquency rate declining to its lowest mark since the fourth quarter of 2008. Even more so, the rate of decline has increased significantly over the past three quarters as the state’s economy continues to improve and the housing market strengthens.
“The drop in new foreclosure starts — the lowest since the third quarter of 201 1— validates Maryland’s approach to the crisis: reforming the foreclosure process so that financially beleaguered homeowners get the time and the counseling they need to find sustainable alternatives to losing their homes,” Skinner said.s