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"The good news there, is we don't see a lot of evidence that there are a lot of new people who are just not making their payments who are entering foreclosure," Blomquist said. The Mortgage Bankers Association reported on Wednesday that the percentage of mortgages that were one payment past due as of March 31 declined to the lowest level since mid-2007. While the share of home loans that were at least three months past due at the end of the first quarter fell to the lowest level since the end of 2008. Home loans taken out at the peak of the housing boom continue to comprise the majority of problem loans. In the first quarter, some 60 percent of all mortgages past due 90 days or more, or in foreclosure, were originated between 2005 and 2007, the MBA said. Meanwhile, banks are increasingly agreeing to short sales rather than foreclosing on homes. In a short sale, the bank agrees to accept less than what the seller owes on their mortgage. In the first three months of this year, short sales grew while foreclosures declined. Short sales are now on pace to outnumber sales of bank-owned homes in California, Arizona and 10 other states, RealtyTrac said. That could help slow the pace of home repossessions, which are on pace to be just over 700,000 this year. Last year, about 1 million homes ended up foreclosed-upon. All told, foreclosure-related notices were reported on 188,780 U.S. properties last month, the lowest monthly total since July 2007, RealtyTrac said. That's a decline of 5 percent from March and down 14 percent from April last year. Lenders took back 51,415 homes and began the foreclosure process on 97,665 homes last month.
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