The delinquency rate for mortgage loans on residential properties in Iowa was 4.65 percent at the end of the first quarter of 2012, a decrease of 117 basis points from the fourth quarter of 2011, according to the Mortgage Bankers Association (MBA).
Among the 50 states and the District of Columbia, Iowa ranked 42nd in delinquencies and 41st in foreclosures started. Mississippi ranked first in delinquencies with a rate of 10.93 percent and Florida ranked first in foreclosure starts with a rate of 1.73 percent.
The delinquency rates excludes loans in the process of foreclosure. The percentage of loans in Iowa on which foreclosure was started during the quarter fell 3 basis points to 0.63 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell 1 basis point to 2.78 percent.
Souce: Corridor Business Journal Jan. 20 PM Update email