Mortgage Delinquency Falls To 4-Year Low, But Remains Historically Elevated

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Posted To: MND NewsWire

TransUnion said today that the serious mortgage delinquency rate is heading downhill at a quickening pace, however long term delinquencies and the slow process of resolving them are impeding a return to more normal rates. According to year-end data from the credit reporting company, the rate of serious delinquencies - 60 days or more - fell 14 percent in 2012 compared to 7% in 2010 and 6% in 2011. By contrast, when rates were rising, from 2007 to 2009, they increased by at least 50 percent each year. The final quarter of 2013 was the fourth consecutive one in which the 60+ day rate declined, dropping from 6.01 percent in Q4 2011 to 5.19 percent in Q4 2012. The rate was 5.41 percent at the end of Q3 2012. TransUnion expects the mortgage delinquency rate to continue its downward trend in the...(read more)

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Source: http://www.mortgagenewsdaily.com/02122013_mortgage_delinquencies.asp

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