Foreclosures, mortgage delinquencies slowing in Arizona

Mortgage delinquencies and foreclosure starts both declined in Arizona during the second quarter, according to a survey released Monday by the Mortgage Bankers Association. The delinquency rate for mortgage loans on residential properties was 8.10 percent at the end of the second quarter, down from 8.22 percent in the first quarter. Foreclosure starts in the second quarter fell from 1.82 percent of loans in Arizona to 1.6 percent. Foreclosures in process fell from 4.84 percent to 4.2 percent of loans. Arizona ranks 23rd in delinquencies among the 50 states and the District of Columbia. It ranks third for foreclosures started, according to the survey. Mississippi had the highest rate of delinquent loans (12.9 percent), while Nevada ranked first for foreclosure starts (2.3 percent). Delinquency rates decreased for prime adjustable mortgages, prime fixed rate mortgages, subprime adjustable rate mortgages and subprime fixed rate mortgages. Delinquency rates increased for FHA and VA loans. Foreclosure starts for prime ARM loans, prime fixed rate loans and subprime ARM decreased, while foreclosure starts for subprime fixed rates loans increased. The percentage of mortgages in the foreclosure process dropped for all mortgage types.

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