Mortgage delinquencies fell during first quarter
The U.S. mortgage delinquency rate fell in the first quarter to the lowest level in almost eight years, Bloomberg reported. Loans that were at least 30 days late dropped to 5.5 percent in the first quarter from 6 percent a year earlier, the Mortgage Bankers Association said in a report. The share was the lowest since the second quarter of 2007. Of the loans that were 90 days or more delinquent or in foreclosure, 73 percent were originated in 2007 or earlier. About 40 percent of the loans serviced were in states that require court approval for home seizures.
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