by Calculated Risk on 3/30/2011 07:46:00 PM

Fannie Mae reported that the serious delinquency rate decreased to 4.45% in January from 4.48% in December. This is down from 5.52% a year ago.

Freddie Mac reported that the serious delinquency rate decreased to 3.78% in February from 3.82% in January. (Note: Fannie reports a month behind Freddie). This is down from a record high 4.20% in February 2010.

These are loans that are "three monthly payments or more past due or in foreclosure".

Click on graph for larger image in graph gallery.

Some of the rapid increase in 2009 was probably because of foreclosure moratoriums, and also because loans in trial mods were considered delinquent until the modifications were made permanent. As modifications have become permanent, they are no longer counted as delinquent.

The slowdown in the rate of decline in the 2nd half of last year was probably related to the new foreclosure moratoriums.

Earlier:
• CoreLogic: Shadow Inventory Declines Slightly
• Lawler: The “Shrill Cry” from Lobbyists on QRM