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Monday, March 18, 2024
March 18, 2024

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Mortgage delinquencies fall to lowest in almost 8 years

The Columbian
Published:

WASHINGTON — The U.S. mortgage delinquency rate fell to the lowest in almost eight years as the job market strengthened and rising home values gave struggling borrowers a chance to sell.

Loans that were at least 30 days late dropped to 5.54 percent in the first quarter from 6.11 percent a year earlier, the Mortgage Bankers Association said in a report Wednesday. The share was the lowest since the second quarter of 2007.

Newer loans are benefiting from rising property prices, tighter underwriting requirements and the lowest jobless rate in seven years, while mortgages originated before the real estate bust are still moving through foreclosure. The share of loans on which foreclosure actions were started in the first quarter was 0.45 percent, the same as a year earlier and the historical average, according to Joel Kan, vice president of surveys and forecasting for the Washington-based bankers group.

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