July 1, 2011 (Jeff Alan)
Fannie Mae reports that the delinquency rate for single-family homes in its mortgage portfolio decreased to 4.19 percent based on data released in its Monthly Summary for May 2011. That is down from 4.27 percent in April 2011 and down from 5.15 percent in May 2010.
Delinquency rates for multi-family dwellings also continued to improve as the delinquency rate dropped to 0.52 percent in May 2011 compared to 0.57 percent in April 2011. The delinquency rate for multi-family dwellings in May of 2010 was 0.76 percent.
Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.
Fannie Mae’s total mortgage portfolio decreased at a compound annualized rate of 13.5 percent in May as their Gross Mortgage Portfolio decreased from $746.8 billion to $738.8 billion. Fannie Mae’s Book of Business decreased at a compound annualized rate of 3.7 percent in May to $3.2 trillion.
The total amount of loan modifications made by Fannie Mae mortgage servicers for May 2011 was 16,419, which brings the total amount of loan modifications for the first five months of the year to 84,133.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications