U.S. housing market receives positive news
Posted on Thursday, May 10, 2012 at 5:24:37 PM
The U.S. housing market has received positive feedback, keeping in tune with experts expectations and the steady trend of improvement seen during the first quarter of 2012. According to Transunion, the U.S. residential home mortgage delinquency rate (the number of home mortgages more than 60 days past due) fell in the first quarter of 2012 to 5.78 percent.
"To see that quarter over quarter, and year over year, more homeowners were able to make their mortgage payments is certainly welcome news," Tim Martin, group vice president of U.S. Housing at TransUnion, told The Street. "Before this, we saw two quarters of delinquency increases and while we are still about three-times above the pre-recession norm, this should mark the start of consistent improvement each quarter."
This is the lowest rate of mortgage delinquencies seen since the first quarter of 2009, reports the news source.
Residential financing options have become easier to attain as lenders loosen the strict requirements created after the housing bust of 2006. However, it seems a majority of potential homeowners are taking personal stock of their financial situation before signing the dotted line to a mortgage, resulting in a more stable market.