Canyon View Real Estate


Canyon View Real Estate, PLLC, Real Estate, Alpine, UT


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2013-12-13 14:50:50
Expected Decline in Mortgage Delinquency Rate

Quick Sand

 

We know how common placed short sales have become these last few years. Short sales have been a relief for many who owed more on their home than it was worth and were not able to keep up with the mortgage payments. But no denying that short sales are also a stressful process.

TransUnion reports that mortgage delinquency rates have decreased steadily over the last 5 years. The end of 2013 reports mortgage delinquency rates to be at 3.94%. Rates are expected to decline to 3.75% by the end of 2014. This will be the smallest recovery in delinquencies in the last 5 years.

One reasons for the slowdown in the delinquency rate recovery is that banks are taking longer to foreclose on delinquent mortgages, leaving delinquencies in the market longer. Another reason is the increasing mortgage rates- eliminating, in many cases, the option for refinancing to rescue delinquent mortgages.

 

 

 
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