[NEW YORK] Late payments on US mortgages fell in the third quarter to the lowest in nearly seven years, returning to a level last seen prior to the housing bust, according to a survey from a mortgage industry group released on Friday.
The delinquency rate on home loans decreased to 5.85 per cent on a seasonally adjusted basis in the third quarter. It has fallen for six straight quarters to its lowest since the fourth quarter of 2007, the Mortgage Bankers Association's latest National Delinquency Survey showed.
The share of mortgages in the foreclosure process at the end of the third quarter was 2.39 per cent, down 10 basis points from the second quarter and 69 basis points lower than one year ago. This was the lowest foreclosure inventory rate seen since the fourth quarter of 2007, the MBA said.