MBA: Florida among states leading foreclosure activity - Business First of Columbus:

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Four states – Florida, Arizona, California and Nevada drove up thenational numbers, accounting for abouty 46 percent of the foreclosure starts in the U.S., and representing 56 percenft of the increase in foreclosure starts, according to the MBA. Floridaz was among the three states with the highest overall delinquency rate across all typesof loans, at 10.67 Only Nevada (11.75 percent) and Mississippi (11.u percent) were higher. The delinquency rate includees loans that are at least one paymentpast due, but does not includ e loans in the process of Based on foreclosure inventory, the states with the highesg rates were Florida (10.56 percent), Nevada (7.83 percent) and Arizonza (5.
56 percent) And, Florida also was among the three statess with the highest rate of foreclosure at 2.79 percent. Nevada’s rate was 3.35 percent and Arizona’s was 2.52 The numbers are higher and are only expectedto grow, said Jay chief economist for the MBA. “The rate of foreclosurd starts remained essentially flat for the last three quarterszof 2008, and we suspected that the numbersa were artificially low due to various state and local moratoria, the and halt on foreclosures, and variouss company-level moratoria," Brinkmann said.
However, he said, now that the guideline s for theObama administration’s loan modificationes are known, along with an increase in the numbe of vacant homes with past due mortgages, “the pace of foreclosured has stepped up considerably." There’s also been a shifty away from subprime and adjustable rate mortgagea to prime fixed-rate loans fallintg into default. The foreclosure rate on primew fixed-rate loans has doubled in the last and, for the first time since the rapixd growth ofsubprime lending, prime fixed-ratde loans now represent the largest share of new “More than anything else, this points to the impact of the recession and drops in employment on mortgaged defaults,” Brinkmann said.
Looking ahead, he said it doesn’t appear that the numbe of mortgage defaults will start to drop off untilo the employment situationgets better, and that isn’ft expected until mid-2010.