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Mortgage Delinquencies Increase in the 4th Quarter 2006

Mortgage Delinquencies Increase in the 4th Quarter 2006

HONOLULU, HI -- (MARKET WIRE) -- 03/30/07 -- The delinquency rate for mortgage loans on one- to four-unit residential properties in Hawaii increased 42 basis points, while the percentage of mortgages in the foreclosure process rose 8 basis points in the 4th quarter of 2006.

The delinquency rate for loans on one- to four-unit residential properties in Hawaii rose 42 basis points to 2.40 percent during the 4th quarter. The percentage of loans in which foreclosure was started during the quarter rose 6 basis points to 0.21 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 8 basis points to 0.34 percent. "While the state delinquency is rising, this is still half of the national average," said Russell Miyashiro, President of the Mortgage Bankers Association of Hawaii. "People must remember that we are coming off a period of extremely low delinquencies so nearly all the statistics are showing a rise."

The delinquency rate varied for each of the four loan types during the 4th quarter. The rate of prime loans was 1.43 percent, up 28 basis points from the previous quarter; the rate of subprime loans was 7.87 percent, up 128 basis points from the previous quarter; and the rates for FHA and VA loans were 7.10 percent and 2.73 percent, up 80 basis points for FHA loans and 36 basis points for VA loans.

The inventory of loans in the foreclosure process in Hawaii at the end of the quarter varied by loan type as well. The percentage of prime loans in foreclosure increased 1 basis point to 0.10 percent, the percentage of subprime loans in foreclosure increased 57 basis points to 1.84 percent, and the percentage of FHA loans in foreclosure decreased 4 basis points to 0.81 percent. The percentage of VA loans in foreclosure increased 10 basis points to 0.36 percent.

On a national level, the delinquency rate on one- to four-unit residential properties was 4.95 in the 4th quarter, up 28 basis points from the last quarter. The percentage of loans in which foreclosure was started during the quarter increased 8 basis points to 0.54 percent, while the percentage of loans in the foreclosure at the end of the quarter rose 14 basis points to 1.19 percent. Note: The national delinquency rate and percentage of foreclosures started are seasonally adjusted numbers. The state-level information quoted is not seasonally adjusted.

The above data was obtained in cooperation with the Mortgage Banker's Association of America (MBA), which produces the National Delinquency Survey (NDS). The NDS, which has been conducted since 1953, covers more than 38 million loans on one- to four-unit residential properties, representing about 80 percent of all first-lien residential mortgage loans outstanding in the U.S. Loans surveyed were reported by approximately 140 lenders, including mortgage bankers, commercial banks and thrifts.

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. The Mortgage Bankers Association of Hawaii represents the state mortgage industry. For additional information, visit www.mortgagebankers.org.

Russell Miyashiro
Mortgage Bankers Association of Hawaii

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