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Monday, June 18, 2012

Lawler: Fannie, Freddie Delinquency Rates and REO by State for March

by Calculated Risk on 6/18/2012 03:30:00 PM

From economist Tom Lawler:

Last Friday FHFA released its GSE “Foreclosure Prevention Report” for Q1/2012, which has data on Fannie Mae’s and Freddie Mac’s foreclosure prevention activity, foreclosure and other “home forfeiture” activity, delinquencies, and REO. Starting with last quarter’s report, FHFA began showing individual state data, for folks who like to track such things. Here is the report.

Included in the report is the number of delinquent loans by length of delinquency. In some states the percentage of “seriously delinquent (90+) loans that have been delinquent for a year or more is astonishingly high. Below is a chart showing the serious delinquency rate for combined GSE conventional SF mortgages by state broken out by length of delinquency.

Click on graph for larger image.

Florida, of course, is still “off the charts” in terms of its SDQ rate, and 73% of the seriously-delinquent SF loans in Florida have been delinquent for a year or more.

For the combined GSEs, states with the highest “really super-seriously” delinquency rates – i.e., 365+ -- at the end of March were Florida (8.15%), New Jersey (4.27%), Nevada (3.65%), Illinois (2.84%), New York (2.83%), Maine (2.68%), and Maryland (2.54%). For Maryland vs. Virginia “fans,” the “really super-seriously” delinquency rate in Virginia in March was 0.56%.