Mortgage Delinquencies Are Declining

Credit Bureau, TransUnion, reports that the nationwide trend in mortgage delinquencies declining continues. The second quarter of 2013 reported that borrowers that were 60 days or more past due on mortgages fell to an astounding 4.09-percent, highlighting delinquencies declining a total of 26-percent over the last year.

Dubbed “unprecedented,” this decline is the third consistent quarter where mortgage delinquencies have dramatically improved. This is excellent news for lenders, borrowers and the economy.

With many of the delinquent mortgages being tracked over several quarters, the banking industry feels relieved to see an overall improvement in reported delinquencies.

The delinquency improvement was reported nationwide, with every state experiencing positive numbers. For example, California and Arizona saw approximately 30-percent decreases in delinquencies. Even Nevada and Florida, both of which have been dramatically hit by the real estate bubble bursting, both saw marked decreases with respected 28.7-percent and 26.8-percent declines. San Francisco has seen 43.7-percent decreases, Phoenix just over 47-percent and hard-hit Detroit around 38-percent.

Expert analysts at TransUnion predict this trend will continue throughout the year, estimating that by the end of the year, mortgage delinquencies will finish below 4-percent – the lowest rate since 2008.

Low interest rates and housing prices improving had enabled many homeowners nationwide to refinance or sell their homes for a break-even price or even a slight profit. While experts predict this trend will continue, with interest rates starting to increase, the decline may not be as steady as it has been the last year.

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