About 2.5 percent of current mortgage balances in the U.S. transitioned into delinquency during the third quarter, according to a new report issued by the Federal Reserve Bank of New York Monday.
That assessment reverses a recent trend of reductions in the measure of newly delinquent mortgage balances. Prior to the rise in the most recent quarter, the Federal Reserve had recorded declines in the percentage of current mortgages falling behind on payments going back to the third quarter of 2010.
The rate of transition from early (30-60 days) into serious (90 days or more) delinquency also rose slightly, with 31.3 percent of early stage delinquencies moving into the seriously delinquent bucket during the third-quarter period.
Read more...Fed Records First Rise in New Mortgage Delinquencies in a Year: