The strides made by the Federal Housing Administration in lowering delinquency numbers are turning into a long-distance marathon run. The federal mortgage insurer's delinquency rate dropped again in June, marking the fifth straight month of declines. According to FHA's latest operations report, as of June 30, 532,757 of the mortgages it guarantees had spent at least 90 days in a delinquent status, which equates to a seriously delinquent rate of 8.3 percent. That's down from 8.4 percent in May, and 9.4 percent during the first month of this year.
Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE
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