CALL INFO LINE: 801-859-6555
 Welcome to the Blog

2014-02-17 10:51:02
Mortgage Delinquencies in U.S. Fall Below 4%

Mortgage Delinquencies in U.S. Fall Below 4%

Mortgage delinquencies nationwide have plummeted to their lowest level in more than five years, as more home owners are coming out of the red on their payments, according to credit reporting agency TransUnion.

The number of borrowers who are at least two months behind on their mortgage payments dropped to 3.85 percent in the fourth quarter of 2013. A year prior, the delinquency rate stood at 5.08 percent.

Nevertheless, the mortgage delinquency rate is still about twice as high as it was prior to 2007.

'We are on the downward slope of the mortgage delinquency curve, so we expect to continue seeing delinquency rates that have not been seen for several years,' says Steve Chaouki, head of financial services for TransUnion.

Struggling home owners are shoring up their finances as home values and equity rise, the job market improves, and refinancing helps to lower their monthly payments, the survey notes. Plus, “many of the risky home loans made before 2008 that went unpaid are no longer a factor, since the homes have been sold or foreclosed upon,” the Associated Press reports. “Loans issued since then, after banks tightened lending standards, are less likely to go unpaid.”

What’s more, with rising home values, borrowers increasingly are saying that keeping up with their mortgage payments is a priority over other financial obligations — a reversal from the days of the recession, says Chaouki.

The states that posted the largest annual declines in the mortgage delinquency rate were Arizona, California, and Nevada. New York and New Jersey were the only two states that did not post a double-digit percentage drop in their mortgage delinquency rates, according to TransUnion.

Source: “Fewer Americans Fall Behind on Mortgage Payments,” The Associated Press (Feb. 12, 2014)

Blog Archive
2017-04-16 09:49:56
Population Growth Shifting Out of SL To UT County

2017-04-16 09:49:01
State’s economy fueling population growth

2017-03-10 16:03:59
CNBC ranks Utah No. 1 state for business

2017-03-08 10:24:12
Toughest & Easiest States for 1st Time Home Buyers

2017-01-04 10:39:50
Housing Market 2017: The Positives & Negatives

2016-06-14 10:31:17
Salt Lake Monthly Housing Report

2016-05-20 15:42:35
Who Pays the Highest Property Taxes?

2016-03-31 15:49:40
Cities to Watch: 2016's Fastest-Growing Places

2016-03-29 13:19:08
Salt Lake Quarterly Housing Report

2016-01-28 08:37:27
Park City 2015 Year-end Statistics Press Release

2016-01-18 10:50:31
5 Things to Never Say When Selling a Home

2016-01-11 11:46:49
The ‘Missing Link’ in Housing

2015-12-23 12:08:43
5 Real Estate Trends That Will Dominate 2016

2015-12-15 10:56:50
How Will Higher Rates Affect Housing?

2015-12-04 10:39:02
Big Expectations for Housing in 2016

2015-12-01 10:07:30
6 ‘Tacky’ Home Décor Trends

2015-11-10 11:31:23
Home Buyers Don’t Need to Fear

2015-10-28 09:48:58
Home Prices Rising at Faster Pace Than Inflation

2015-10-20 15:23:54
Scammers Using New Chip-Based CCs as Fresh Phishin

2015-10-09 10:13:25
3 Home Inspection Deal-Breakers

2015-10-06 14:42:40
The Next Three Months: Best Time to Buy

2015-09-17 10:30:01
How High Will Mortgage Rates Actually Climb?

2015-09-11 14:14:05
Best Day of the Year to Buy a Home

2015-08-24 08:28:04
Home Resales at 8-Year High as Buyers Act Before M

2015-07-31 11:21:43
Utah Economy Newsletter June 2015 Now Available

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.