23% Improvement Over 2010 number Of Late Mortgage Payments

by ritasimpson on February 20, 2012

in Latest News

The survey, released by the Mortgage Bankers Association, showed that 7.6% of residential mortgages were at least 30 days past due on their payments at the end of 2011. That was down from 8.3% one year earlier and from a peak of 10% in early 2010, but it is still much higher than the historical level of around 5%.

The better mortgage performance reflects a growing economy, but “mortgage performance is also improving faster than the overall economy,” said Jay Brinkmann, the MBA’s chief economist. Worst-case fears that many borrowers would “strategically” default, walking away from loans worth much more than their houses, haven’t materialized, according to the data, he added.

During normal periods, around 1.5% of all loans are in foreclosure, now around 4.4% are. read more


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