Loan delinquencies down on yearly basis
Posted on Tuesday, December 24, 2013 at 9:22:49 AM
Homeownership and residential financing are major commitments for those involved. It takes a lot of planning and preparation in order to afford the related expenses, but those who do are rewarded with a fantastic new home.
And, many borrowers across the U.S. are having an easier time managing these costs. According to Lender Processing Services, the loan delinquency rate has declined 9.41 percent year-to-date. There are also more than 1.2 million U.S. properties that are 90 or more days delinquent, but not yet in foreclosure.
There are several states that are performing well when it comes to residential financing. LPS reported that Colorado, Montana, Alaska, South Dakota and North Dakota have the lowest percentage of non-current loans, which includes foreclosures and delinquencies.
RealtyTrac noted that the median price of distressed residential properties was 39 percent below that of non-distressed real estate, coming in at $110,500 for November.
Daren Blomquist, vice president at RealtyTrac, said that lenders are taking advantage of a cash-driven market to sell more foreclosures and bank-owned properties. There is a more efficient foreclosure process in many states, including California and Arizona, and that has made selling these homes easier.