December 1, 2009
Foreclosure Update
The Mortgage Bankers Association's National Delinquency Survey results for the third quarter of 2009 were released in time for this latest foreclosure update, so this issue includes the most recent information on mortgage delinquency rates and foreclosure initiation rates. In addition to our monthly foreclosure deed and notices information, this month we have also included information on the current market share of prime versus subprime loans and foreclosure initiations. 
 
New Hampshire Housing will keep you updated as we receive information about this continuing and important issue. In the meantime, we hope the data presented here will be of interest and use to you.
Foreclosure Deeds

The number of recorded foreclosure deeds in October of 2009 (359) saw an increase of 25% over the prior month, and an 8% increase over the number in October of 2008.  Cumulatively the first ten months of the year account for a very small (1.2%) decline in the number of foreclosure deeds over the same period in 2008.

Chart showing mortgage foreclosure deeds by month 2005-2009


Table showing foreclosure deed data

Foreclosure Auction Notices
 
Foreclosure auction notices increased again in October 2009 from the prior month by 9% to 828.  Further, October 2009 notices were about 12% above October of 2008 notices, as increasing numbers of New Hampshire households fall behind on their mortgage payments.

chart showing number of foreclosure auctions publicly noticed

 
Mortgage Delinquency Rates
 
Based on the Mortgage Bankers Association's National Delinquency Survey, the third quarter delinquency rates for 2009 continued their upward climb, setting new record highs for the U.S., New England, and New Hampshire.  The 3rd quarter mortgage delinquency rate for New Hampshire at 8.54% is 247 basis points higher than the rate in the 3rd quarter of 2008, and the U.S. rate at 9.94% is 265 basis points higher.  On balance, New Hampshire's delinquency rate is 1.4 percentage points lower than the U.S. and similar to, or slightly lower than, four of the five other New England states.  Only Vermont has a lower mortgage delinquency rate in New England.   

Chart showing delinquency rates in US, NE, and NH

Chart showing percent of loans with payment past due
Foreclosure Initiation Rate
 
From the same source, the foreclosure initiation rate in New Hampshire in the third quarter of 2009 increased slightly to 1.03%, a new high.  This rate of foreclosure initiation is 0.4% below the U.S. rate and identical to the rate for New England.  The rate of foreclosure initiation in New Hampshire continues to be well below the rate in Rhode Island, above the rates in Vermont and Maine, and similar to the rates in Massachusetts and Connecticut. 
 
Chart comparing foreclosure rates between NH, NE and US

Chart showing percent of loans with foreclosure initiations
Mortgage Market and Foreclosure Share
 
As of the third quarter of 2009, prime loans (versus subprime loans) continued to make up about 90% of conventional mortgages in New Hampshire. In addition, prime loans make up an increasing share of foreclosures, now more than 64%.

Chart showing the percent of prime vs. subprime loans in the NH market

 

Chart showing Prime vs Subprime market share and foreclosure initiation share
Quick Links
 
 
Foreclosure Update
is a publication of the Policy, Planning and Communications Group of New Hampshire Housing Finance Authority
New Hampshire Housing Finance Authority is a tax exempt public benefit corporation established by the state legislature. The Authority operates a broad range of programs designed to assist low and moderate income persons and families to obtain decent, safe and affordable housing. 

Sincerely,
 
Jane Law
Director, Communications 
New Hampshire Housing Finance Authority
 

New Hampshire Housing logo