Mortgage delinquency rates in decline in second quarter of 2012
Posted on Wednesday, August 8, 2012 at 9:57:15 PM
For the second quarter in a row, the mortgage delinquency rate, the rate of borrowers 60 days or more past due on home financing payments, dropped. According to TransUnion, the rate declined 5.49 percent in the second quarter of 2012. This brings the total 2012 reduction to 9 percent.
This news will help bolster potential homeowners’ confidence and could result in a surge of new mortgage applications. In addition, experts believe delinquency rates are expected to continue their decline.
"The pace of improvement should pick up when we review third quarter results, helped by a few months of relatively good news on home prices, this year's resurgence in refinance activity related to HARP 2.0 and record low mortgage interest rates," said Tim Martin, group vice president of U.S. Housing in TransUnion's financial services business unit.
Potential homeowners looking to take advantage of the improving housing market may want to consider checking out residential financing options offered by Home Loan Investment Bank. FHA loans and Standard Fixed Rate Loans are provided to those that meet approval requirements.