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First mortgage delinquencies plummet

Few loans originated after 2010 fall deliquent

According to the latest Equifax (EFX) National Consumer Credit Trends Report, the total balance of severely delinquent first mortgages (90 days past due or in foreclosure) in June 2013 is $325 billion, a five-year low and a decrease of more than 27% from same time a year ago ($450 billion), MarketWatch reported.

The total balance of first-mortgage loans that completed the foreclosure process and transitioned to bank-owned property or other severe derogatory status decreased more than 19%, from $16.7 billion in June 2012 to $13.5 billion in June 2013. This is the lowest level for June since 2007.

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Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

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