The percentage of mortgages held by Fannie Mae and Freddie Mac that are 90 days past due or in foreclosure have fallen more than a point in the last year.
Fannie Mae reported that the serious delinquency rate decreased to 4.14% in May, down from 4.19% in April. The numbers are down from 5.15% in May of 2010. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Freddie Mac reported that the Single-Family serious delinquency rate decreased to 3.53% in May from 3.57% in April. This is down from 4.06% in May 2010. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.
The Mortgage Bankers Association and private data firms like CoreLogic and LPS also have reported a decline in delinquencies. LPS reported last week that the May delinquency rate had fallen to 7.9%, an 18.3% decline from May 2010.
