The health of Chicagoland’s housing market continued to improve, according to the latest market research by the Mortgage Bankers Association.
Foreclosure inventory in Chicagoland fell a hefty 33 percent year-over-year in the third quarter, according to the latest National Delinquency Survey from the Mortgage Bankers Association (MBA).
In addition, the foreclosure start rate for the area plummeted 55 percent, as the housing market continued to inch back to its pre-housing bubble levels.
National Delinquency Survey – All Good Signs
In a media-only conference call, Jay Brinkmann, the MBA’s chief economist and senior vice president of research and education, said the association saw “major drops across the board” with its third quarter National Delinquency Survey:
- Delinquencies were down for every loan type in the third quarter, and at 6.41 percent, the overall past due rate for all loans was at its lowers mark since the second quarter of 2008.
- FHA loans, in a very positive development, saw a drop in their delinquency rate by almost a full percentage point, falling to their lowest mark since 2001; VA loans, meanwhile, hit their lowest mark since 1980.
- Finally, older loans continue to make up the lion’s share of delinquencies; in the third quarter, loans from 2007 or earlier made up 77 percent of all delinquencies, while loans made in 2010, 2011 and 2012 or later made up just 4, 2 and 1 percent, respectively.
Interested in our how our marketplace compared with others in the third quarter? Check out our graph below for an idea.