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Alaska residential mortgage foreclosure and delinquency rates remain some of the lowest in the U.S.

The recently released survey by the Mortgage Bankers Association shows that Alaska continues to have some of the lowest levels of foreclosures and delinquencies on residential mortgage loans in the United States.  In the first quarter of 2013, Alaska ranked 3rd best in the nation out of 50 states in foreclosures and 4th lowest in mortgage delinquencies of all loan types.

The total inventory of foreclosures in process is 1.1% in Alaska, while the country has a much larger lingering foreclosure inventory at 3.6% due to higher rates during the recession and longer resolution times.  These rates are the same as a year ago in Alaska, but nearly a 1% improvement for the U.S. as whole.

Delinquent loans are more than 30 days past due, but not yet in foreclosure. Alaska is fourth best, slightly behind North Dakota, South Dakota and Montana in the overall level of delinquent loans.  Alaska’s delinquency rate is 3.7%, while the U.S. average is 6.8% for all loan types.  The rate is virtually unchanged in Alaska from a year ago, but is a 1.3% improvement from the worst delinquency level of 5% in the third quarter of 2010.  The U.S. delinquency rate has also been trending downward from its worst point of 10.4% at the end of 2009 to its current 6.8% rate.

Subprime lending to traditionally non-qualified borrowers was a large contributing factor to the national mortgage problems.  The survey covers just over 93,000 mortgages in Alaska.  6,650 of these mortgages, or 7%, were considered subprime, compared to 10% nationally.  The rate of delinquencies and foreclosures on subprime loans is significantly higher.  However, Alaska is in a far better position and again leads the nation as having the lowest level of foreclosures and delinquencies in this important category.  Subprime foreclosures in Alaska are at 2.5% while the national average is 10.8%.  Alaska’s subprime delinquency rate is 10.3% compared to the national average of 20%.

1Q 2013 Foreclosure and Delinquency Rates

 

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