Another Sign Foreclosure Crisis Is Evaporating?
November 14, 2013
Mortgage delinquency rates fell in the third quarter, marking it the seventh consecutive quarter for such a decrease, according to TransUnion data.
Mortgage delinquencies of at least 60 days dropped 4.09 percent in the third quarter, following a 4.32 percent drop in the second quarter. A year ago, mortgage delinquencies posted a 5.33 percent drop, according to TransUnion.
"We looked at all 52 million installment-based mortgages in the U.S., and the trend is clear — the percentage of borrowers willing and able to make their mortgage payments continues to improve," says Tim Martin, a TransUnion executive. "The overall delinquency rate is still high relative to 'normal,' but a 23 percent year-over-year improvement is great news for home owners and their lenders."
Source: “Mortgage Delinquencies Decline in 3rd Quarter -- TransUnion,”The Wall Street Journal (Nov. 12, 2013)
Updated: May 24, 2019