Almost 1 in 8 Missourians are delinquent on mortgage payments according to MBA report

Missouri ranks 21st in delinquencies and 30th in foreclosures

According to a report just issued by the Mortgage Bankers Association, the mortgage delinquency rate on one-to-four-unit residential properties in the U.S. rose to a new record rate of 9.64 percent.  Here in Missouri, the delinquency rate is slightly lower at 9.41 percent.

Included in the MBA’s report as a “delinquency” are loans that are at least one payment past due, but does NOT include loans somewhere in the process of foreclosure. At the end of third quarter 2.05 percent of mortgage loans in Missouri were in the foreclosure process. Therefore 11.46 percent of mortgage loans in Missouri are actually delinquent once we add in the ones in foreclosure. This is a staggering and sobering statistic…it means nearly 1 in 8 homeowners in Missouri with a mortgage is struggling to make their house payments. With this in mind I ask, so where exactly is this “recovery” I keep reading about? I’m not a gloom and doom type, but I just don’t see the bottom yet.

Other highlights from the MBA report include:

• Delinquency rate in Missouri increased for all loans to 9.41 percent from 8.40 percent in 2nd quarter.
  • Prime adjustable rate loan delinquency rate in Missouri increased to 10.00 percent from 9.90 percent in 2nd quarter.
  • Prime fixed-rate loan delinquency rate in Missouri increased to 5.27 percent from 4.50 percent in 2nd quarter.
  • Sub-prime adjustable rate loan delinquency rate in Missouri increased to 35.68 percent from 33.87 percent in 2nd quarter.
  • Sub-prime fixed rate loan delinquency rate in Missouri increased to 26.23 percent from 23.85 percent in 2nd quarter.
  • VA loan delinquency rate in Missouri increased to 8.40 percent from  7.68 percent in 2nd quarter, a year ago the rate was 7.28 percent.
  • FHA loan delinquency rate in Missouri increased to 14.19 percent from 12.94 percent for 2nd quarter.
• The foreclosure rate for all loans in Missouri at the end of 3rd quarter was 2.05 percent.
  • Prime adjustable rate loan foreclosure rate in Missouri decreased to 3.46 percent from 3.79 percent in 2nd quarter.
  • Prime fixed-rate loan foreclosure rate in Missouri increased to 1.21 percent from 1.12 percent in 2nd quarter.
  • Sub-prime adjustable rate loan foreclosure rate in Missouri increased to  11.36 percent from 11.09 percent in 2nd quarter.
  • Sub-prime fixed rate loan foreclosure rate in Missouri increased to 4.92 percent from 4.50 percent in 2nd quarter.
  • VA loan foreclosurerate in Missouri increased to 1.48 percent from  1.46 percent in 2nd quarter.
  • FHA loan foreclosure rate in Missouri increased to 1.92 percent from 1.81 percent for 2nd quarter.

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