Foreclosures are Down, but Late Pays are up

According to the latest data from The Mortgage Bankers Association’s National Delinquency Survey, mortgage loans that were in the foreclosure process at the end of the second quarter decreased over last months figures, but increased over 2009 second quarters figures. Loans that were 90 days or more past due, or in the process of foreclosure decreased over last quarter, but increased over 2009 second quarters figures. Foreclosures starting the process are down, falling for the first time since 2006. “Only when we see a consistent increase in employment will se see an increase in sales and starts, and a sustained improvement in the delinquency numbers,” according to Jay Brinkmann, Mortgage Bankers Association chief economist.

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