Mortgage delinquency rate drops in Birmingham area

Mortgage delinquencies in the Birmingham metro area dropped in November compared to levels from the prior year. Researcher CoreLogic said today that 6.6 percent of the mortgage loans in the Birmingham-Hoover metro area were at least 90 days delinquent in November, down from 7.3 percent in the same month in 2009. In October, the area’s mortgage delinquency rate was 6.58 percent, CoreLogic said. The figure peaked in January 2010 at 7.57 percent. CoreLogic also said: >>>In November, 0.78 percent of homes with a mortgage in the Birmingham area were in REO (real estate owned) status, meaning they were returned to possession of the lender after failing to sell at an auction. A year ago, 0.79 percent of area homes were in REO status. >>>The rate of foreclosures among outstanding area mortgage loans was 1.82 percent in November 2010, up from 1.49 percent in the prior year.

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