Delinquent Mortgages Drop in Fourth Quarter

U.S. mortgage delinquencies fell in the fourth quarter of 2003, a sign that homeowners are making ends meet despite a tough job market, a U.S. mortgage industry trade group said.

Home foreclosures, however, edged up toward the end of last year, as severely delinquent borrowers were unable to work out new payment terms with their lenders, according to the housing industry group.

The Mortgage Bankers Assn. said the percentage of mortgages outstanding that were delinquent, on a seasonally adjusted basis, fell to 4.49% for the last three months of 2003, down from the third quarter’s revised 4.65%.