Delinquency rates for mortgage loans on one-to-four-unit residential properties shrank across the board to 5.47% in the second quarter, according to a Mortgage Bankers Association survey published this week.

Compared to the previous quarter, the delinquency rate dropped 91 basis points and was down a whopping 275 bps from a year ago.

The results are welcome news and run counter to worries that gained traction last year that elevated levels of delinquencies would result in a slew of foreclosures. This prediction no longer seems to be the case.

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