The most recent (March, released yesterday) report from the Mortgage Bankers association on foreclosures and delinquency is giving mixed signals.
On the one hand, there’s a year over year decline in delinquencies for March. On the other, the first quarter 2010 mortgage delinquency rate rose to 9.38% of all loans outstanding, which is up from 8.22% last year.
So is the problem getting better, or worse?
It’s very hard to say – mainly because markets are still dysfunctional in many ways, so seasonal adjustments and other techniques to smoooth out data are probably not reliable.
The NYT says it best today:
“Any way you look at it, extraordinary numbers of people are having trouble paying their mortgage. What is less clear is the extent to which the problem is getting worse, better or is simply holding its own.”
One final note on foreclosures that might surprise you: Sub-prime foreclosure rates are falling, while Prime, Fixed Rate foreclosures are on the rise [via Calculated Risk: "We're All SubPrime Now!" ]