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Daily Real Estate News  |  December 22, 2009  |   Prime Delinquencies Up
Prime mortgages that were delinquent more than 60 days rose 20 percent in the third quarter compared to the second, the Office of the Comptroller of the Currency and the Office of Thrift Supervision reported Monday.

Overall, more than 1 million mortgages, or 3.2 percent, were in some stage of foreclosure in the third quarter.

Almost 40 percent of borrowers whose loans were modified 20 percent or more through a federal program were delinquent again within a year, the government agencies also reported.

The report also revealed that lenders completed about 31,000 short sales in the third quarter, up 22 percent from the second quarter. That number doesn't sound as good when you consider that lenders foreclosed on nearly four times as many homes in the third quarter.

Source: Reuters News, Kim Dixon (12/21/2009) and Associated Press, Alan Zibel (12/21/2009)

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