By Steve Cook
RISMEDIA, July 7, 2011—The percentage of seriously delinquent mortgages—those that are 90 days past due or in foreclosure—held by Fannie Mae and Freddie Mac have fallen more than a point in the last year.
The decline in GSE delinquency rates is one more sign that delinquencies have been steadily abating over the past 12 to 18 months.
Fannie Mae reported that the serious delinquency rate decreased to 4.14% in May, down from 4.19% in April. This is down from 5.15% in May of 2010. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Freddie Mac reported that the Single-Family serious delinquency rate decreased to 3.53% in May from 3.57%in April. This is down from 4.06% in May 2010. Freddie’s serious delinquency rate peaked in February 2010 at 4.20%.
The Mortgage Bankers Association and private data firms like CoreLogic and LPS also have reported a decline in delinquencies. LPS reported last week that the May delinquency rate had fallen to 7.9 percent, an 18.3 percent decline from May 2010.
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