The number of Americans who have fallen behind on their mortgage payments has fallen to the lowest level in six years, according to a new report from the Mortgage Bankers Association (MBA). The delinquency rate fell to 6.11 percent of all loans outstanding in the first quarter of 2014, the lowest since late 2007. Foreclosure rates also improved. Click here to read more. MBA Chief Economist Mike Fratantoni said there is sustained and improved mortgage performance.
“A more stable and stronger job market, coupled with strong credit standards on new loans, has kept delinquency rates on recent vintages low, while the portfolio of loans made pre-crisis is steadily being resolved. Increasing home prices, caused by tight inventories of homes for sale, have helped build an equity cushion for many new borrowers and have helped some homeowners who had been underwater regain positive equity in their properties. The increase in values also helps to facilitate sales of distressed properties, which may further expedite the pace of resolution of pre-crisis loans.” – Fratantoni said in a release.
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