WASHINGTON Late mortgage payments and foreclosures on loans increased in the third quarter, according to the Mortgage Bankers Association.
The groups National Delinquency Survey found that delinquencies for loans on one- to four-unit residential properties rose 4.04%, while the number of loans on which foreclosure procedures began rose by less than 1%.
Doug Duncan, chief economist for the association, said the increase reflects a continuation of the maturing of loans originated between 1997 and 1999. These loans are moving toward their peak delinquency years, he added, though he said the slowing of the economy may also be a factor.
