OCC: Performing Mortgages Improve Year-on-Year in First Quarter

The percentage of mortgages that were current and performing at the end of the second quarter reached 93.8, up from 93.1 percent a year before but down from 94.2 percent in the first quarter, according to the Mortgage Metrics Report released today by the OCC. The report is generated from data from eight large national banks representing 43 percent of all outstanding residential mortgages.

Only 2.6 percent of mortgages were seriously delinquent at the end of the second quarter, 16 percent lower than a year earlier. The report also showed a decline in foreclosure activity, with 70,728 new foreclosures in the quarter — 11.3 percent lower than a year ago. “Improved economic conditions and foreclosure prevention assistance contributed to the decline in foreclosure activity,” the OCC said.