The Mortgage Bankers Association recently released their National Delinquency Survey for 1Q06. While some parts of the country were still feeling the effects of last summer's Hurricane Katrina -- reflected in the substantially higher delinquency rates in Louisiana and Mississippi -- the majority of data saw a decrease from the end of last year.
The overall delinquency and foreclosure rates, for instance, declined over the first quarter of 2006. According to the report, the seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties was 4.41% in the first quarter, down 29 basis points from 4.70% in the fourth quarter of 2005. On a year-to-year basis, however, the delinquency rate increased 10 basis points from the first quarter of 2005 rate of 4.31%.