Mortgage Delinquencies Remain High
in First Quarter

The seasonally adjusted delinquency rate for mortgage loans on one-to-four unit residential properties was 4.65 percent in the first quarter of 2002, down 2 basis points from the fourth quarter of 2001. However, on a year-over-year basis, the delinquency rate was 28 basis points higher than the delinquency rate in the first quarter of 2001. The year-over-year increase was observed in all regions of the U.S. These data were provided by the Mortgage Bankers Association and are based on the association's National Delinquency Survey. The percent of loans in the process of foreclosure at the end of the first quarter rose to 1.1 percent from 1.04 percent in the fourth quarter.

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