Earlier today, the Mortgage Bankers Association released its latest national delinquency survey, which presents a mixed picture for the housing markets. The headline statistic in the survey is that the "delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter of 2010, an increase of 59 basis points from the fourth quarter of 2009, and up 94 basis points from one year ago." However, the non-seasonally adjusted delinquency rate decreased from 10.44% in the fourth quarter of 2009 to 9.38% in the first quarter, and the rate of "serious delinquencies" (loans more than 90 days past due) actually fell to 9.54% in the first quarter, down 13 basis points from the fourth quarter (but 230 basis points higher than in the first quarter of 2009). Also, notwithstanding the nominal rise in delinquency rates, the rate of new foreclosures remained essentially flat, at 1.23% of outstanding loans, up only three basis points from the fourth quarter and down 14 basis points from the first quarter of 2009. Finally, the combined percentage of loans in foreclosure or at least one payment past due fell 101 basis points this quarter, from 15.02% to 14.01% on a non-seasonally adjusted basis.