| Ohio MBA 2007 1st Quarter Delinquency Statistics |
| Sunday, 05 August 2007 | |
Delinquency Measures for Ohio Fall in the First Quarters National Delinquency SurveyThe delinquency rate for mortgage loans on one- to four unit residential properties in Ohio decreased 138 basis points to 5.87 percent by the end of the first quarter of 2007 according to the Mortgage Bankers Association. The percentage of loans on which foreclosure was started during the quarter rose 1 basis point to 1.07 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 16 basis points to 3.54 percent, according to MBAs National Delinquency Survey. The state-level data quoted are not seasonally adjusted and normally peak during the fourth quarter and fall during the first quarter.The delinquency rate-which excludes loans already in foreclosure-for prime loans was 3.13 percent, down 75 basis points from the previous quarter, the rate for subprime loans was 13.75 percent, down 260 basis points from the previous quarter and the delinquency rates for FHA and VA loans were 12.11 percent and 7.98 percent, respectivelydown 381 basis points for FHA loans and down 280 basis points for VA loans. The delinquency rate for prime adjustable rate mortgage (ARM) loans decreased 66 basis points and the rate for prime fixed rate mortgage (FRM) loans decreased 81 basis points. The delinquency rate for the subprime adjustable rate mortgage loans decreased 279 basis points, while the rate for subprime fixed rate mortgage loans decreased 217 basis points. The inventory of loans in the foreclosure process in Ohio at the end of the quarter varied by loan type as well. The percentage of prime loans in foreclosure increased 9 basis points to 1.58 percent, the percentage of subprime loans in foreclosure increased 40 basis points to 11.72 percent, and the percentage of FHA loans in foreclosure remained unchanged at 4.67 percent. The percentage of VA loans in foreclosure increased 19 basis points to 3.24 percent. The Ohio foreclosure inventory rate for prime adjustable rate mortgage loans increased 27 basis points, while the rate for prime fixed rate mortgage loans increased 1 basis point. The foreclosure inventory rate for subprime adjustable rate mortgage loans increased 93 basis points, while the rate for subprime fixed rate mortgage loans decreased 4 basis points. The new foreclosure rate for prime adjustable rate mortgage loans increased 15 basis points, while the rate for prime fixed rate mortgage loans decreased 1 basis point. The new foreclosure rate for subprime adjustable rate mortgage loans decreased 9 basis points, while the rate for subprime fixed rate mortgage loans decreased 2 basis points. Moreover, in the nation, Ohio ranked 6 in delinquencies and 1 in foreclosure inventory. It is important to note that Ohio has 26 percent nonprime borrowers (FHA and subprime); with a greater percentage of lower credit quality borrowers as with FHA and subprime, delinquencies will typically be higher. On a national level, the delinquency rate on one- to four-unit residential properties was 4.84 percent in the first quarter, down 11 basis points from the last quarter. The percentage of loans in which foreclosure was started during the quarter rose 4 basis points to 0.58 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 9 basis points to 1.28 percent. ####
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, OH and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 425 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico. |
