H/T Contrarian -- From the Washington Post:
I am not aware if the 4.41 percent of delinquent loans in the first quarter represents a new record for the entire Commonwealth of Virginia. Also, I assume the writer is speaking of the entire Commonwealth as well as the entire State of Maryland, so it's not broken down to the D.C. statistical area. I don't have access to MBA's data, but it appears to be broken down simply by state.
"Government efforts to cut foreclosure rates have not been enough to offset the impact of the recession on struggling borrowers, the data from the Mortgage Bankers Association showed. . . . About 12.07 percent of mortgage loans were delinquent or in the foreclosure process during the quarter, according to a survey by the industry group. That is the highest level ever recorded by the survey, which has been conducted since 1972. It is up from about 8 percent during the first quarter of 2008.
. . . Delinquency rates in the Washington region have also risen. In the District, 5.07 percent of loans included in the survey were seriously delinquent or in foreclosure, compared with 2.39 percent a year ago.
Locally, the rate was lowest in Virginia where 4.41 percent of loans were in trouble, up from 2.52 percent last year. It was highest in Maryland where 6.49 percent of loans were seriously delinquent or in foreclosure, up from 3.02 percent in the first quarter of 2008."
The article goes on to cite the 10 months of inventory number, which is twice the supply we have regionally. As of the end of April, Northern Virginia's months of supply [PDF] was 5.33, down 28% from the prior year.