Mortgage foreclosures fall to 1.23% from 1.29%
The delinquency rate for mortgage loans rose to 4.8% in the third quarter versus 4.24% last quarter.
- Ex hurricane it is estimated that the delinquency rate would come have in at 4.53% in the third quarter
- The foreclosure rate fell to 1.23% in 3Q versus 1.29% in 2Q
- New Jersey and New York signifies percentage of loans that are seriously delinquent at 6.11% and 5.48% respectively
- Florida, Texas and Puerto Rico saw a substantial increase in past due mortgage delinquencies due to the hurricanes
Earlier today in the US, housing starts for October advance sharply to 1290K vs 1135K last month. That was much better than expectations of 1190K.
Building permits were also better-than-expected at 1297K versus 1250K estimate. They were also higher than the prior month at 1225K.
The housing data today's expected to add to economic growth in the fourth quarter.
Later today we will get the latest readings for fourth-quarter GDP from the New York Fed and the Atlanta Fed. The most recent readings for each estimate fourth-quarter GDP at 3.2%.
