Fewer Minnesotans miss mortgage payments
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At the the end of March, 3.8 percent of mortgages on single family Minnesota homes were at least one payment past due. That was down from about 4 and a half percent in the final three months of last year.
The delinquency rate includes first mortgages that are past due but not those in the process of foreclosure.
The Mortgage Bankers Association, which released the statistics, said the drop is typical. Delinquency rates normally fall from the end of one year to the first quarter of the next. At the end of March, lenders were starting foreclosure proceedings on about one quarter of one percent of Minnesota mortgages. Overall, 1 percent were somewhere in the foreclosure process.
"The rate of new foreclsoures is now back to historical averages. So, at least in markets like Minnesota, the foreclosure issue really has been resolved at this point," said Mike Fratantoni the organization's chief economist
Nationally, Minnesota ranked 44th among the states in delinquencies and 41st in new foreclosures.
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