Mortgage delinquency rates fall
Posted on Tuesday, May 15, 2012 at 4:12:10 PM
The percentage of homeowners behind on their mortgage payments in the first quarter of 2012 dropped to the lowest levels since 2009, according to TransUnion.
Approximately 5.78 percent of mortgages were delinquent by 60 days or more in the first three months of the year, which is a decline from the 6.19 percent in the first quarter of 2011, reports the Washington Post.
"We had a couple quarters where it ticked up, so it’s nice to see it come back down," Tim Martin, vice president of U.S. Housing for TransUnion, told the news source. "That should be what happens the rest of the year, so we’re hopefully on the path of improvement now."
The right residential financing option can reduce the burden of an overbearing mortgage payment. The improving housing and economic trends make now a good time to purchase a home for many individuals who have saved for a significant down payment and have good credit and a reliable source of income.
As the housing industry continues to improve, mortgage delinquency rates will remain low, further boosting property market values.