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| Mortgage Delinquency Headed to 5-Year Low
Q2 60-day rate down 47 BPS from Q1
Aug. 6, 2013
By Mortgage Daily staff
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The quarterly rate of past-due payments on residential loans improved again, and the rate is expected to fall to the lowest level in five years during the current quarter.
Delinquency of at least two months came in at 4.09 percent as of the end of the second quarter.
The rate declined from the end of the first quarter, when it stood at 4.56 percent.
TransUnion, which reported the figures, said that the rate of decline has been at a record level for three quarters in a row.
As of June 30, 2012, sixty-day delinquency was 5.49 percent.
TransUnion Group Vice President of U.S. Housing Tim Martin said many of the past-due loans have been delinquent for a quite a while.
"Improving house prices and low interest rates have helped some homeowners across the country refinance or sell their way out of mortgage payments they were having difficulty affording," Martin stated in the report. "While we expect these positive factors to continue reducing the mortgage delinquency rate throughout 2013, the recent and sizable increase in mortgage interest rates may eventually slow the progress."
Delinquency is projected to finish the third quarter at less than 4 percent -- the first time since 2008.
At 9.87 percent, Florida had a higher 60-day rate than any other state. But the Sunshine State improved from 11.00 percent three months earlier.
Next was Nevada's 7.74 percent, then 7.21 percent in New Jersey and 5.70 percent in New York.
North Dakota's 1.15 percent was the lowest rate.
Mortgage debt per U.S. borrower inched up to $187,635 from $186,018 in March. But the number was off from $188,341 at the same point last year. |
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