The latest Mortgage Metrics report from the Office of the Comptroller of the Currency shows that 2013 was a more stable year for mortgage portfolios.
Overall, 91.8 percent of the 24.9 million loans covered by the report were current in the fourth quarter -- slightly better than 91.4 percent in the previous quarter and 89.4 percent a year earlier. Mortgages in the early stages of delinquency (defined as 30-59 days past due) accounted for 2.6 percent of the loans covered by the report, the lowest level since tracking began in January 2008. The share of home loans that were seriously delinquent fell 20.7 percent from a year earlier and one basis point from the previous quarter to 3.5 percent of the portfolio.
Also, foreclosures initiated in the fourth quarter fell 20.6 percent form a year ago and nearly 5 percent from the previous quarter. And home-retention actions were nearly three times the number of completed foreclosures, short sales, and deed-in-lieu-of-foreclosure actions in the fourth quarter.