More homeowners in Massachusetts may have lost their homes to foreclosure so far this year than they did a year ago, but fewer homeowners are behind on their mortgage payments.
That’s according to the most recent delinquency survey by the Mortgage Bankers Association. The association reported today that the Bay State delinquency rate fell 90 basis point to 8.83 percent in the first quarter compared to the fourth quarter of last year.
The group pointed out that mortgage delinquency rates typically fall between the fourth and first quarter of the year due to seasonal factors, like heating bills and Christmas holiday spending that cause many homeowners to fall behind in December. Those homeowners eventually catch up with missed payments by the end of March.
In Massachusetts, about 3 percent of loans were 30 days past due, while 3.7 percent of loans were 90 days or more delinquent. The smallest group,1.2 percent of loans, were 60 days late.
Yesterday, The Warren Group reported that there have been 4,821 foreclosures statewide in the first four months of the year, up 37 percent from 3,530 during the same period in 2009.
