MBA: Foreclosures hit four-year low

Mortgage delinquencies hit their lowest level since 2008 in the fourth quarter.Fewer people experienced foreclosure in the final three months of 2012, according to a new report from one of the foremost real estate industry sources.According to the Mortgage Bankers Association, mortgage delinquencies in the fourth quarter dipped more than 7 percent from the previous three-month period, which runs counter to what typically happens in the third and fourth quarters. In fact, the dip was so significant, it's the lowest delinquency rate seen since 2008, dropping 31 basis points from the third quarter and nearly 50 from the October to December of the previous year.In addition, the serious delinquency rate – which?includes?loans that are three months or more past their payment due dates – also fell, down 25 points from 2012's penultimate quarter and 95 basis points from the same period in 2011.”We are seeing large improvements in mortgage performance nationally and in almost every state,” said Jay Brinkmann, chief economist and senior vice president of research at MBA.One of these states is Texas, specifically the Houston real estate scene. In its January report, the Houston Association of Realtors notes there were fewer foreclosure property sales in the month, down 12 percent from the same time last year.
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