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“Mortgage delinquencies have shown six straight quarters of improvement and the pace of the improvement seems to be picking up speed,” said Tim Martin, group vice president of the U.S. Housing Market for TransUnion. “This is encouraging news. However, at their current level, nearly three times the pre-recession ‘norm,’ and the current pace of improvement, we may not see ‘normal’ delinquency rates until the end of 2015.”
In all, 49 states and the District of Columbia all saw their mortgage delinquencies decline, the report said. Vermont was the only one to experience an increase.
One reason consumers may be able to better avoid delinquency these days is that mortgage rates have been hovering near record lows for some time, and a larger number are now seeking to refinance their existing mortgage to save money. The latest weekly statistics from the Mortgage Bankers Association indicate that refinances increased 30.4 percent on a seasonally adjusted basis from the previous week.
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December 13, 2023
Mortgages