The national mortgage delinquency rate is defined as the rate of borrowers who are 60 or more days past due on their monthly mortgage payments. The amount of people who fall in this category has declined for the fourth consecutive quarter. Q4 of 2012 saw a mortgage delinquency rate of 5.19% which was down from 5.41% in Q3, and 6.01% in Q4 of 2011. Statistics aside, delinquency is decreasing. This means that as the economy continues to recover with time, more and more people are able to continue paying their monthly payments.
This was the largest yearly decline that the delinquency rate has seen since the recession officially ended, but we still have a long way to go to radically improve life for homeowners. In 2007, delinquencies rose 54%. They rose 53% in 2008 and 50% in 2009. Since then, the decline has been much more gradual than the rise was. It dropped 7% in 2010, 6% in 2011 and now 14% in 2012. We are on the right track but the overall levels are still high compared to where they sat before the recession hit.
If more borrowers can qualify for refinancing, they can obtain lower interest rates that will ultimately lead to lower monthly mortgage payments. This lends to fewer foreclosures and fewer delinquencies. If you are having difficulty paying your mortgage, Quest Loans can help you apply for refinancing. Call us at 888-883-5252 for more information, or visit QuestLoans.com!
Tuesday, February 19, 2013
Mortgage Delinquency Rate Declines 14% in 2012
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