Uncategorized May 12, 2014

Mortgage Delinquency Rates Drop

A great article published this week by our friends over at C.A.R.:

Mortgage Delinquency Rate Continues to Drop
The mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) declined for the ninth consecutive quarter to 3.61 percent at the end of Q1 2014, according to TransUnion's latest mortgage report. The mortgage delinquency rate has declined more than 24 percent in the last year (down from 4.76 percent in Q1 2013), and it is now at the exact same level as it stood in Q2 2008.

Arizona, down 37.8 percent; California, down 36.9 percent; and Nevada, down 34 percent. Both Arizona (2.81 percent) and California (2.80 percent), which just five years earlier had delinquency rates nearly double the national average, are now significantly lower than the rest of the nation.

TransUnion recorded 53.47 million mortgage accounts as of Q1 2014, up from 53.06 million in Q1 2013. However, there are more than 9.91 million fewer accounts as compared to the same period in 2008 (63.38 million).

For more information on the above statistics or to discuss your mortgage needs, call Greg direct at 858.774.3049 or email him at gtimms1@gmail.com