May 09

Mortgage Delinquencies Drop by Double Digits

Mortgage Delinquencies Drop by Double Digits

 

Mortgage Delinquencies Drop by Double Digits. Image courtesy of jscreationzs / FreeDigitalPhotos.net

Mortgage Delinquencies Drop by Double Digits. Image courtesy of jscreationzs / FreeDigitalPhotos.net

The mortgage delinquency rate nationwide stood at 3.61 percent at the end of the first quarter of 2014, down more than 24 percent compared to the same time a year ago, according to the latest mortgage report from TransUnion. That marked the ninth consecutive quarter that the delinquency rate declined.

The mortgage delinquency rate now stands at the same level as it was in the second quarter of 2008.

“It’s encouraging to see mortgage delinquencies drop once again, especially during a period when mortgage origination’s slowed considerably,” says Steve Chaouki, head of financial services for TransUnion. “This trend in improved performance is driven in part by lenders working their way through the foreclosure backlog, along with continued conservatism in underwriting new mortgages.”

All 50 states as well as the District of Columbia posted drops in the mortgage delinquency rate over the past year. The largest percentage declines in mortgage delinquency rates occurred in some of the states that were worst-hit during the mortgage crisis: Arizona (down 37.8 percent in the past year); California (down 36.9 percent), and Nevada (down 34 percent).

Five years ago, both Arizona and California had delinquency rates that were nearly double the national average. Now, the states are posting rates at 2.81 percent and 2.80 percent, respectively — lower than the national average of 3.61 percent, according to TransUnion.

Source: TransUnion

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