Mortgage delinquencies down in the first quarter
For the first time in four years, the delinquency rate on mortgage loans decreased in the first quarter of 2010, according to a recent report by TransUnion.
These homeowners are 60 days or more behind on their loans and may be at risk for foreclosure. The percentage of individuals in this situation dropped to 6.77 percent in the first quarter, a 1.74 percent shift from the 6.89 percent reported during the fourth quarter of 2009.
States hit hardest by the foreclosure crisis continued to experience the largest percentages of delinquent homeowners. Nevada and Florida topped the list with 15.98 percent and 14.65 percent of individuals in this situation. North Dakota and South Dakota had the lowest rates, while 17 states experienced an increase in delinquencies.
“The fall in mortgage delinquency is indeed good news for the consumer, the mortgage industry, and the current economic recovery,” F.J. Guarrera, vice president of the financial services business unit at TransUnion, said.
Data from RealtyTrac, however, has shown that foreclosure filings increased by 7 percent during the first quarter. They were also 16 percent higher than those reported during the first quarter of 2009.
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