Boston Real Estate Owners Doing Slightly Better in 2011

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According to a survey done by the Mortgage Bankers Association or MBA, fewer Boston real estate owners fell behind on their mortgages in the first quarter of 2011 than in the first quarter of 2010. In 2010 the delinquency rates on Boston real estate and Massachusetts property mortgage loans was 1.37% higher than the current 7.46%. Massachusetts real estate 30-day delinquency rate was .19% lower than the average nationwide of 3%. The 90-day delinquency rate for Massachusetts real estate is 3.54%, making Massachusetts the 14th worst delinquency rate—national average is 3.58%. Across the nation, mortgage loan delinquency rates on 1-4 unit residences fall at 8.32% at the end of 2011’s first quarter. This is a .07% increase from the fourth quarter of 2010. Jay Brinkmann, MBA’s chief economist, believes this is a small sign that the market is slowly improving as delinquency rates are coming back to pre-recession numbers in many parts of the U.S. Brinkmann also warns that national rates were affected by several states with exceedingly high delinquency and foreclosure rates. 14% of Florida’s loans (466,454 loans) account for nearly 24% of the loans in foreclosure nationwide. Brinkmann stated,

“If it’s a distressed loan on a property, those prices are continuing to fall; for non-distressed they’re going up. The overhang is going to differ from market to market,” he said.