The Mortgage Bankers Association’s National Delinquency Survey shows the delinquency rate for U.S. mortgages fell to 8.22 percent in the fourth quarter, down 91 basis points from the previous quarter and 125 basis points from one year ago. Jay Brinkmann, MBA’s chief economist, said total delinquencies are at their lowest level since the end of 2008 and loans one payment past due are at the lowest level since 2007. Brinkmann says, though delinquency and foreclosure rates are still above historical norms, the economy has clearly turned a corner and he expects the delinquency picture to continue to improve during 2011. More here and here.