The Mortgage Bankers Association released Delinquency data today and almost half of all subprime loans, in the United States are now past due.
Subprime ARM loans and prime ARM loans, which include Alt-A and pay option ARMs, continue to dominate the delinquency numbers. Nationwide, 48 percent of subprime ARMs were at least one payment past due and in Florida over 60 percent of subprime ARMs were at least one payment past due.
The overall delinquency rate is 7.88% by the end of Q4, 2008. This breaks the record of their delinquency data going back to 1972.
If one includes the number of mortgages with one payment behind the percentages hit 11.93%.
The delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the fourth quarter was 3.30 percent, an increase of 33 basis points from the third quarter of 2008 and 126 basis points from one year ago. The combined percent of loans in foreclosure and at least one payment past due was 11.18 percent on a seasonally adjusted basis and 11.93 percent on a non-seasonally adjusted basis.