Small improvement in mortgage delinquencyby Annie Baxter, Minnesota Public Radio
St. Paul, Minn. — The delinquency rate for residential mortgage loans in Minnesota showed some improvements in the second quarter.
Residential mortgage loan delinquency fell about 1 percentage point in the second quarter ending in June, compared to the same period last year, according to the Mortgage Bankers Association.
Improvements were seen across a range of loans, from prime adjustable rate mortgages to subprime fixed rate loans.
The percentage of loans in foreclosure decreased across most loan categories. But lenders are initiating foreclosures at a higher rate than last year for some loan categories.
Among the 50 states and the District of Columbia, Minnesota ranked 44th in delinquencies and 20th in foreclosure starts.