California Foreclosure Rates Drop

According to recent data from the Mortgage Bankers Assocation, the number of borrowers who have been delinquent on their payments has been reduced. In addition, the number of seriously delinquent loans (90+ days) also dropped from 9.54% to 9.11%. This drop was the largest the MBA has ever recorded.

At the end of 2009, California forclosures made up approximately 20% of the nations delinquencies. By the second quarter that number had dropped to 14.7%.

Another positive note for the nation was the drop in borrowers “underwater”. When a borrower is underwater, they owe more than their home is worth. This is one of the main signs that a foreclosure is imminent.