Google+
  • Ocwen23.02-0.60 -2.54%
  • Zillow118.606-1.604 -1.33%
  • Trulia50.765-0.705 -1.37%
  • NationStar29.94-0.19 -0.63%
  • CoreLogic33.28+0.16 +0.48%
  • RE/MAX33.61+0.04 +0.12%
  • Fannie Mae2.45-0.005 -0.20%
  • Freddie Mac2.37-0.01 -0.42%
  • Wells Fargo54.51+0.23 +0.42%
  • CitiMortgage53.89-0.24 -0.44%
  • Bank of America17.05-0.06 -0.35%
  • Fidelity National Financial32.33+0.25 +0.78%
  • First American32.07-0.08 -0.25%
  • AUDUSD=X0.8508N/A N/A
  • USDJPY=X118.7095N/A N/A
  • WP Stock Ticker
Home | News | Foreclosure | Balance for Seriously Delinquent Mortgages Hits 5-Year Low
Print This Post Print This Post

Balance for Seriously Delinquent Mortgages Hits 5-Year Low

The total balance for seriously delinquent first mortgages decreased to a five-year low as rising home prices reduce incentives to default, ""Equifax "":http://www.equifax.com/home/en_us stated in its _National Consumer Credit Trends Report_.

[IMAGE] [COLUMN_BREAK]

In June, the balance of loans 90 days or more past due or in foreclosure fell to $325 billion, down 27 percent from last year when the balance stood at $450 billion. Loans originated in 2010 or later represented about 7 percent of the balance for seriously delinquent mortgages.

When only considering first mortgages in foreclosure, the balance was $105 billion in June, which is also a five-year low. The balance represents a 38 percent decrease from a year ago.

At the same time, the balance for loans that completed the foreclosure process and became bank-owned diminished as well, falling by more than 19 percent to $13.5 billion--the lowest level for June since 2007, according to the Atlanta-based Equifax.

""The implications of this trend are that more homeowners will be able to sell their homes without the hassles of negotiating a short sale or move to take a new job without worrying how they can afford to pay for two homes. The healing in the housing market is really gaining momentum and will fuel a stronger pace of economic recovery,"" said Amy Crews Cutts, Equifax chief economist.

Bookmark and Share

About Author: Esther Cho

Avatar of Esther Cho
This user has not filled out their bio!

Leave a Reply

Scroll To Top