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Mortgages 30-59 Days Delinquent, by Risk Category

First Quarter 2009

The percentage of mortgages in the early stages of delinquency (30-59 days delinquent) fell across all risk categories during the first quarter of 2009, consistent with the known seasonal decline in delinquencies.13 The actual number of mortgages in the early stages of delinquency fell by more than 230,000.  Compared with the first quarter of 2008, early stage delinquencies have increased by 7.3 percent in volume with the percentage of prime loans rising from a low base by 30.4 percent in volume over that period.  By contrast, the number of early stage delinquencies among subprime loans has decreased by 10.0 percent since the first quarter of 2008.

Mortgages 30-59 Days Delinquent (Percent of Mortgages in Each Category)
 3/31/20086/30/20089/30/200812/31/20083/31/20091Q %Change1Y %Change

Prime

1.2%

1.3%

1.5%

1.8%

1.5%

-13.6%

28.8%

Alt-A

5.2%

5.8%

6.6%

7.0%

5.6%

-20.7%

7.1%

Subprime

9.3%

10.2%

11.1%

11.3%

9.0%

-19.7%

-2.9%

Other

3.0%

3.3%

3.7%

4.0%

3.3%

-17.2%

10.4%

Overall

2.6%

2.9%

3.2%

3.5%

2.8%

-18.0%

8.9%

Mortgages 30-59 Days Delinquent (Number of Mortgages)

Prime

266,740

301,127

350,015

403,630

347,761

-13.8%

30.4%

Alt-A

185,770

209,524

235,723

251,016

196,013

-21.9%

5.5%

Subprime

289,006

316,498

341,399

341,183

260,080

-23.8%

-10.0%

Other

154,896

162,935

181,172

197,647

158,166

-20.0%

2.1%

Total

896,412

990,084

1,108,309

1,193,476

962,020

-19.4%

7.3%

 Mortgages 30-59 Days Delinquent (Percent of Mortgages in Each Category) 

 13 A review of historical data maintained by the MBA shows a significant decline in delinquencies during the first quarter for every recorded year. This trend is generally attributed to a rise in delinquencies at the end of the year due to seasonal spending, followed by a decline in first quarter delinquencies as that increased spending subsides and tax refunds are received.


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