by Calculated Risk on 4/28/2011 06:03:00 PM

Fannie Mae reported that the serious delinquency rate decreased to 4.44% in February from 4.45% in January. This is down from the all time high 5.59% in February 2010.

Freddie Mac reported that the serious delinquency rate decreased to 3.63% in March from 3.82% in February. (Note: Fannie reports a month behind Freddie). This is down from 4.13% in March 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.

Although delinquencies typically decline in March, the decline for Freddie Mac delinquencies is larger than usual - and other data suggest the overall delinquency rate declined further in Q1. The MBA will release the Q1 National Delinquency Survey in May.

Earlier:
• Advance Report: Real Annualized GDP Grew at 1.8% in Q1
• Residential Investment and Non-Residential investment in Structures at Record Lows as Percent of GDP