State Housing Finance Agency delinquency rates continue to rise despite an improving housing market, Moody’s Investors Service reported.

Seriously delinquent loan-payment rates in HFA whole loan programs reached a five year high of 5.27% as of June 30, wrote associate analyst Richard Kubanik and other Moody’s analysts. The agency defines seriously delinquent loans as those that are 90 or more days delinquent or in foreclosure. A “whole loan” is “a single residential … mortgage that a lender has issued to a borrower and that has not been securitized,” according to Investopedia.

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