Mortgage delinquencies should decline sharply in 2011
12/09/2010
By Credit.com Staff
The national rate of mortgage delinquencies is expected to decline by as much as 20 percent of its current rate over the next year, according to an annual forecast from TransUnion. By the end of 2011, this rate should slip as low as 4.98 percent, from about 6.21 percent at the end of December 2010. This rate is more than double the drop seen between the end of 2009 and this year.
Every state, and Washington, D.C., is likely to experience double-digit declines in mortgage delinquency, the report said. The states that have had the most trouble with delinquency and foreclosure in the past, Nevada, Arizon and Florida, are also expected to see the steepest drops over the next year.
Delinquency is often seen as an early warning sign of foreclosure, and millions of Americans have seen their homes seized due to this process over the last few years.
