Mortgage delinquencies, foreclosures drop: MBA

CHICAGO (MarketWatch)
Both mortgage delinquencies and foreclosures on U.S. homes decreased during the third quarter, the Mortgage Bankers Association reported on Thursday
The delinquency rate, which includes mortgages that are past due but not yet in foreclosure, fell to a seasonally adjusted 7.4% during the third quarter, down from 7.58% in the second quarter and 7.99% in the third quarter of last year
And the percentage of mortgages somewhere in the foreclosure process was 4.07%, down from 4.27% in the second quarter and 4.43% a year ago
The percentage of properties entering the foreclosure process hit its lowest level since 2007 While the numbers are still high, they're moving in the right direction, said Mike Fratantoni, MBA's vice president of research and economics, in a phone interview
"At this pace, it will be another two and a half to three years until we get there," to a more normal level of foreclosures, he said.