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More Homeowners Making Their Mortgage Payments

by Shilpi Paul

More Homeowners Making Their Mortgage Payments: Figure 1

We are keeping it wonky here at UrbanTurf today.

The New York Times reported over the weekend that mortgage delinquency rates are currently at 7.58 percent, about midway between rates in 2010 (10 percent) and pre-recession levels of 5 percent.

Using information from a recent Mortgage Bankers Association report, the Times found that though delinquency rates were headed in the right direction, one in eight homeowners are still in foreclosure or facing the prospect of foreclosure.

From the MBA report:

“By several measures, mortgage delinquencies are about half way back to long-term, pre-recession levels. The rate of foreclosure starts peaked in the third quarter of 2009 at 1.4 percent but has now dropped to 1 percent, about half way to the longer-term average of slightly under .5 percent,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President for Research and Education. “Total delinquency rates and foreclosure starts rates fell on a quarter-over-quarter basis for every loan type: prime fixed, prime ARM, subprime fixed and subprime ARM.”

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This article originally published at https://dc.urbanturf.com/articles/blog/more_homeowners_making_their_mortgage_payments/5273

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