NM's mortgage delinquencies dropped in 2nd quarter
Posted at: 08/10/2012 12:42 PM
By: The Associated Press
ALBUQUERQUE, N.M. (AP) - A report says mortgage delinquencies in New Mexico dropped during the second quarter.
The Albuquerque Journal cites a Mortgage Bankers Association report that says the delinquency rate for all outstanding home loans in the state increased from 5.6 percent in the first quarter to 6 percent in the second quarter.
Roughly 8,000 homeowners dropped a month behind on their mortgage payments between April and June, placing them at risk of foreclosure.
Nationwide, delinquencies increased from 6.9 percent to 7.3 percent over the same period.
Newly initiated foreclosures in New Mexico amounted to less than 1 percent of all outstanding mortgages in the second quarter, although the pace was up slightly from both the first quarter and the second quarter of 2011.
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