Mortgage Delinquencies Decline in Third Quarter

U.S. mortgage delinquencies edged down in the third quarter from the previous quarter as the economy improved, while newly initiated foreclosures were unchanged, a U.S. mortgage industry group said.

The mortgage delinquency rate was 4.41% at the end of the third quarter, down modestly from 4.43% at the end of the second quarter and down from 4.65% a year earlier, the Mortgage Bankers Assn. reported.

The new-foreclosure rate on mortgages was 0.39% at the end of the third quarter, unchanged from the previous quarter, the group said. The inventory of loans in the foreclosure process edged down to 1.14% from 1.16%.