The Federal Housing Administration has revised the November seriously delinquent rate for FHA-insured single family loans down to 8.34%.
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The agency originally had reported that 8.7% of its loans were 90 days or more past due, up from 8% in October. The information appears in its "FHA Single-Family Outlook" report.
When queried about the rise, FHA officials said the October rate is "artificially low" because two lenders that service 3% of FHA loans did not report on time. Not counting those lenders, the adjusted rate would be 8.21%.
The FHA also said that the serious delinquency rate is usually elevated during the November to January period.
