OCC and OTS Mortgage Metrics Report
Third Quarter 2008
Newly Initiated Foreclosures Relative to Seriously Delinquent Mortgages
Newly initiated foreclosures as a percentage of seriously delinquent mortgages declined during the third quarter across all risk categories. This decline resulted from the decrease in the number of newly initiated foreclosures and the increasing number of serious delinquencies.11
Newly initiated foreclosures as a percentage of seriously delinquent mortgages have been highest for prime loans, reflecting in part a lower relative percentage of seriously delinquent prime loans.
| Newly Initiated Foreclosure (% of seriously delinquent)
|
| |
First Quarter
|
Second Quarter
|
Third Quarter
|
| Prime |
43.39% |
42.89% |
33.42% |
| Alt-A |
32.69% |
30.13% |
24.48% |
| Subprime |
22.61% |
21.34% |
19.25% |
| Other |
22.76% |
20.97% |
18.31% |
| Overall |
30.10% |
29.23% |
24.52% |
11 The percentage relative to serious delinquencies is calculated using weighted averages. The weighted average refers to the average monthly outstanding number of seriously delinquent mortgages over the three months of a quarter.
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