Foreclosures in Region Are Below U.S. Average
While the percentage of mortgages entering foreclosure in the United States hit record levels in the second quarter, the picture was not quite as grim in the Washington area, according to a trade group's new survey.
Nationwide, the study by the Mortgage Bankers Association found that 0.65 percent of 44 million U.S. mortgages went into foreclosure during the second quarter of 2007. That's the highest level since the group began publishing the quarterly figures in 1972. The seasonally adjusted percentage was up from the prior record of 0.58 percent in the first quarter and 0.43 percent during the second quarter of last year.
But in Maryland, Virginia and the District of Columbia, delinquencies and foreclosure starts have been much lower than the national averages. Foreclosure proceedings were started on 0.36 percent of mortgages in Maryland, 0.32 in Virginia and 0.38 in the District, according to the survey.
In fact, the study showed that a surge of foreclosure filings in four states -- California, Florida, Nevada, and Arizona -- drove up the national average.
"Were it not for the increases in foreclosure starts in those four states, we would have seen a nationwide drop in the rate of foreclosure filings," Douglas G. Duncan, chief economist for the Mortgage Bankers Association, said in a statement. He added that 34 states recorded decreases in foreclosure filings.
The Washington area also had lower rates of past due loans compared with the national average of 5.06 percent. In Maryland, 4.19 percent of loans serviced were behind on payments. In the District, that rate was 3.71 percent, and in Virginia the rate was 3.69 percent.
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Posted by: Leigh | September 6, 2007 4:21 PM
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