DES MOINES, IOWA (AP) -- Mortgage bankers are reporting the number of mortgage delinquencies and foreclosures in Iowa fell in the first quarter as homeowners caught up on their bills after the holiday season.
A Mortgage Bankers Association report out Wednesday indicated the percentage of loans past due or in foreclosure fell to 8.65 percent from 10.1 percent at the end of 2009. It is up from 7.67 in the same quarter a year ago.
Nationally, 14.01 percent of loans were in foreclosure or past due by a month or more, compared to 15.02 percent in the fourth quarter, and 12.07 percent in the same period a year ago.
Association chief economist Jay Brinkmann says the quarterly drop may be attributable to seasonal trends. He adds it is unknown if the drop is a seasonal decline or represents a fundamental improvement.
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