The Mortgage Bankers Association released its quarterly National Delinquency Survey for the third quarter last week. The survey reflected a dim outlook for the housing and subprime sectors for 2008. Total delinquencies on a seasonally adjusted basis for one-to-four unit residential properties jumped 47 basis points to 5.59% from the second quarter. Compared with a year ago, delinquencies are up 92 basis points, which is the highest point since 1986, the MBA said.
Delinquencies in all loan categories had risen in the quarter. For instance, prime loans gained 39 basis points to 3.12%, subprime loans surged 149 basis points to 16.31%, Federal Housing Authority loans increased 34 basis points to 12.92%, and Department of Veterans Affairs loans rose 43 basis points to 6.58%. From a year ago, delinquencies were up for all categories except VA, which remained unchanged.