National mortgage delinquencies record greatest decline since recession
August 10th, 2011 4:11am
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According to a recent report from TransUnion, the total number of delinquent mortgages nationwide fell by the largest percentage since the recession ended.Overall, 5.82 percent of borrowers had past-due mortgages during the second quarter. Compared to the previous quarter, this total is down by 5.98 percent - the largest decline in two years. The decrease between April and June marks the second consecutive quarter that delinquencies have fallen.
"While relatively low home prices and high unemployment continue to exert upward pressure on delinquency rates, they are more than offset by the impact of more conservative lending policies reflecting consumers with higher credit scores," said Tim Martin, a group vice president with TransUnion's financial services business unit.
TransUnion also revealed that between the first and second quarters of 2011, 49 states and the District of Columbia recorded declines for their delinquent mortgages. Vermont was the only state not to experience a decline.
The company expects delinquencies to fall even further as economic conditions improve in the near future.
Regions with steady job sectors are the most likely to have shown delinquency improvement. Thus, owners of Houston properties may have contributed to the national downward trend.
Courtesy of 2M Realty News
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