Commercial and multifamily mortgage delinquency rates drop for banks
Posted on Thursday, June 7, 2012 at 6:17:00 PM
Signs are pointing to a strengthening U.S. economy as commercial and multifamily mortgage delinquency rates dropped in the first quarter of 2012, claims the Mortgage Bankers Association (MBA). As more Americans purchase affordable homes and the job market improves, mortgage delinquency rates are decreasing. Residential financing becomes easier to attain when delinquency rates are down.
According to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report, the 60 day or more delinquency rate for multifamily loans held or insured by Fannie Mae decreased 0.22 percentage points to 0.37 percent. At the same time, the 90 day or more delinquency rate for loans held by the Federal Deposit Insurance Corporation (FDIC)insured banks decreased 0.13 percentage points to 3.44 percent.
Potential homebuyers considering buying a property may want to consider filling out a mortgage application and searching the MLS listings for a house. With the right home financing, anyone can find the right property in the current improving economy.