As we move toward the end of 2010, we look to check on the current conditions in the United States housing markets.
The number of U.S. households behind in their mortgage payments fell during the third quarter to 13.52 per cent from 14.42 per cent in the second quarter, reported the Mortgage Bankers Association on Thursday November 18, 2011. It was the lowest delinquency rate since the beginning of 2009.
Delinquencies declined during the summer months because bankers reduced how many were seriously behind their mortgages by offering loan modifications. Seriously delinquent mortgages—those that are three or more months overdue—fell during the third quarter to 8.7 per cent of all loans from 9.11 per cent in the second quarter, said the bankers group.
The report “is clearly good news, but perhaps we should wait” another quarter before concluding that the delinquency decline is permanent, said the BMO Capital Markets to The New York Times. None the less, it is a positive rather than a negative trend.
Rick Moran, AMP, OMB#M08001997
No comments:
Post a Comment