Surge in FHA Foreclosure Starts And Rising Delinquency In 2nd Quarter

A bit of a wet blanket on the RealtyTrac foreclosure report released earlier today... -- ``The one-to-four family residential delinquency rate shot up 18 basis points during the second quarter to a seasonally adjusted rate of 7.58 percent of all mortgage loans outstanding according to the Mortgage Bankers Association (MBA).  The new rate is still 86 basis points below that in the second quarter of 2011.  The group's National Delinquency Survey released this morning put the unadjusted rate at 7.35 percent, 41 basis points higher than the 6.94 rate in the first quarter.  According to MBA, delinquency rates typically increase during the quarter 1-quarter 2 time period.  The rate reflects mortgages that are at least 30 days past due but not in foreclosure. ''