TransUnion: Mortgage
Delinquency Rates Continue Rapid Decline
The rate of borrowers at least 60 days delinquent on their mortgages continues to fall, declining to 2.72 percent in the second quarter of 2015, TransUnion reports. The mortgage delinquency rate fell 20 percent in the last year and by half in the last three years. Consumers under the age of 30 experienced a 26.9 percent decline in delinquencies from 2.32 percent in the second quarter of 2014 to 1.7 percent in the second quarter of 2015. Forty-eight states and the top 10 major metropolitan statistical areas reported double-digit, year-over-year decreases in seriously delinquent balances, with the largest declines in Miami and Los Angeles. "This is largely due to foreclosures and other seriously delinquent accounts continuing to work their way through the foreclosure process, as well as a reflection of the high credit quality of recent originations," says Joe Mellman, vice president and head of TransUnion's mortgage group.
From "TransUnion: Mortgage Delinquency Rates Continue Rapid Decline"
Housing Wire (08/17/15) Garrison, Trey
The rate of borrowers at least 60 days delinquent on their mortgages continues to fall, declining to 2.72 percent in the second quarter of 2015, TransUnion reports. The mortgage delinquency rate fell 20 percent in the last year and by half in the last three years. Consumers under the age of 30 experienced a 26.9 percent decline in delinquencies from 2.32 percent in the second quarter of 2014 to 1.7 percent in the second quarter of 2015. Forty-eight states and the top 10 major metropolitan statistical areas reported double-digit, year-over-year decreases in seriously delinquent balances, with the largest declines in Miami and Los Angeles. "This is largely due to foreclosures and other seriously delinquent accounts continuing to work their way through the foreclosure process, as well as a reflection of the high credit quality of recent originations," says Joe Mellman, vice president and head of TransUnion's mortgage group.
From "TransUnion: Mortgage Delinquency Rates Continue Rapid Decline"
Housing Wire (08/17/15) Garrison, Trey
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