The following graphs show the percent of loans delinquent by loan type based on the MBA National Delinquency Survey: Prime, Subprime, FHA and VA. First a table comparing the number of loans in Q2 2007 and Q2 2012 so readers can understand the shift in loan types.
Both the number of prime and subprime loans have declined over the last five years; the number of subprime loans is down by about 35%. Meanwhile the number of FHA loans has more than doubled and VA loans have increased sharply.
An interesting point: Each loan type improved in Q2 2012, but the total delinquency rate increased. The reason is the shift in loan types - from prime loans to more FHA and VA loans.
Note: There are about 42.5 million first-lien loans in the survey, and the MBA survey is about 88% of the total.
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