The national mortgage delinquency rate reportedly squeezed to 9.47% in the fourth quarter and the number of those just 30 days behind took a rare tumble, causing the Mortgage Bankers Association chief economist to augur that the end is not very far for the nation's foreclosure crisis.

Michigan grabbed the fourth position in delinquencies and fourth in foreclosures started during the three months ended Dec. 31.

It is reported that the number of homeowners who fall behind on their mortgage payments almost always increases with the initiation of the winter. However, previous year, the total slipped slightly, the Mortgage Bankers Association posted in its quarterly delinquency report.

Of Michigan's 1.38 million mortgage loans, 12.99% were 30 or more days past due while 4.56% were in foreclosure, while, delinquencies registered a high by 35 basis points and foreclosures were up 7 basis points.

Brinkman claimed that the loans for 90 days or more past due now reportedly account for 50% of all delinquencies, twice the share two years ago.

In addition, it is revealed that banks have been skeptical to initiate with the full foreclosure with many of their seriously delinquent borrowers. In some cases, this is to give the borrowers a chance to win a modification.