Mortgage delinquency dips as economy rises

Washington, DC, Jun. 14 (UPI) -- The Mortgage Bankers Association said Monday that delinquency for mortgages fell to 4.33 percent in the first quarter of 2004 from 4.49 percent a quarter ago.

The association also reported foreclosure inventory percentage for the first three months of the year at 1.27 percent, down from 1.29 percent in the fourth quarter of 2003.

"With the ongoing strength of the economy during the first quarter of 2004, delinquency rates continued their fall from post-recession peaks in the second quarter of 2003," stated Douglas Duncan, MBA's chief economist and senior vice president in releasing the latest results.

"An expectation of strong job growth for the rest of the year and continued strength in the housing market bodes well for lower delinquency and foreclosure rates in the upcoming quarters," he added.

The MBA represents the real estate finance industry across the United States and is based in Washington D.C.




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