The first quarter 2012 survey by the Mortgage Bankers Association shows a decline in housing delinquencies for 1-4 unit residential properties in the U.S. and Alaska. U.S. delinquencies declined from 8.2% to 6.9% while Alaska’s delinquencies declined from 4.3% to 3.7%. Alaska is still third best in the nation for delinquencies.
Foreclosures in progress were flat in the U.S., at 4.4%, and increased slightly for Alaska, from 1.1% to 1.2%. Alaska also retained its third place ranking in this category.
Alaska continues to have the lowest level of problematic subprime residential loans in the country. Subprime lending to traditionally non-qualified borrowers was a large contributing factor to the national mortgage problems. The rate of delinquencies and foreclosures on subprime loans is significantly higher. Subprime delinquencies in Alaska declined from 10% to 9.2%, while subprime foreclosures declined from 3.6% to 3.4%. The U.S. figures are much higher, with 19.4% of subprime mortgages delinquent and 14.1% of subprime loans in foreclosure.
The survey covers just over 95,000 mortgages in Alaska. Approximately 7,000 or 7% were considered subprime, compared to 9% nationally.
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Posted by: Education Loan | Wednesday, June 13, 2012 at 05:05 AM