Slow Home Loan Payers Declined in First Quarter
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The percentage of Americans who were late in their mortgage payments in the first quarter of 1988 fell to the second lowest level since 1979, according to a survey released by the Mortgage Bankers Assn. of America.
The mortgage delinquency survey included 9 million mortgage loans on one-to-four-unit residential property totaling an estimated $424 billion of debt in the first quarter, as reported by more than 350 lenders.
Loans 30 days or more past due declined from 4.95% in the fourth quarter of 1987 to 4.78% in the first quarter of 1988. Foreclosures started remained unchanged from the fourth quarter of 1987 to the first quarter of 1988 at 0.27%.
Mortgage payments 60 days or more late fell from 1.70% in the fourth quarter of 1987 to 1.59% in the first quarter of 1988.
The more serious category of late payments, those 90 days or more late, declined from 0.90% to 0.85% from the fourth to first quarters.
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