Serious mortgage delinquency rates stabilize in U.S. metros, but share of loans in foreclosure grows

WASHINGTON, DC – August 17, 2011 – (RealEstateRama) — Serious delinquency rates for mortgages continue to stabilize across the largest 100 U.S. metropolitan areas, though they remain at historically high levels according to the latest data from Foreclosure-Response.org. Serious delinquency, defined as the share of loans in foreclosure plus the share of loans delinquent 90 or more days, fell 10% from the peak in December 2009 through March 2011. The 90+-day delinquency component of the figure fell from 5.5% of the mortgage market to 3.9% over the same period. However, the share of homes in foreclosure continues to rise, increasing 12% in that period.