Mortgage delinquency rates fall in Minn. in 3Q

The delinquency rate for home mortgages in Minnesota fell during the third quarter compared to a year earlier.

According to the Mortgage Bankers Association, Minnesota's mortgage delinquency rate fell from about 7 percent in the July-to-September period of last year to 6.3 percent this year.

The delinquency rate is the percentage of loans that are at least 30 days past due.

Minnesota's delinquency rate was more than three percentage points lower than the national average, ranking 43rd among the 50 states and Washington, D.C.

The association says the number of homes entering foreclosure in the third quarter in Minnesota dropped slightly from the same time a year ago.

And the percentage of loans in the foreclosure process at the end of the quarter fell about half a percent over the same period.