by Bill McBride on 6/26/2010 09:51:00 PM
Saturday, June 26, 2010
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Freddie Mac reported yesterday that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business was steady at 4.06% in May, the same rate as April, and up sharply from 2.73% in May 2009.
"Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end ..."
The "good" news is the delinquency rate has stopped rising rapidly. However some of the earlier increase was because of foreclosure mortatoriums, and distortions from modification programs - loans in trial mods were considered delinquent until the modifications were made permanent.
Even though Freddie Mac has started foreclosing, modifying loans, and accepting short sales, the number of new 90+ day delinquencies has kept pace.
The data from Fannie Mae will be released next week ...