Economy Watch: GSE Delinquencies Continue to Drop

December 3, 2013
Multi-Housing News  
mortgage lending news

The government-sponsored enterprises Fannie Mae and Freddie Mac recently reported declines in the serious delinquency rate for single-family mortgages.

Fannie Mae's single-family serious delinquency rate fell to 2.48 percent in October, down from 2.55 percent in September and 3.35 percent in October 2012, marking its lowest level since December 2008.

Freddie Mac's rate, meanwhile, slipped to 2.48 percent from 2.58 percent in September and 3.31 percent in October 2012, marking its lowest level since March 2009.

Serious delinquencies -- which occur when mortgages are three or more months past due or in foreclosure -- could reach a more "normal" rate of 1 percent by early 2016, if the current rate of decline is maintained.

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