Fewer Late On Mortgage Payments = Housing Strength
Fewer U.S. homeowners are falling behind on their mortgage payments, aided by rising home values, low interest rates and stable job gains.
The trend brought down the national late-payment rate on home loans in the third quarter to a five-year low, credit reporting agency TransUnion said Tuesday.
The percentage of mortgage holders at least two months behind on their payments fell in the July-September quarter to 4.09 percent from a revised 5.33 percent a year earlier, according to the firm, whose data go back to 1992. The latest rate also declined from 4.32 percent in the second quarter.
The rate of late payments on home loans has been steadily declining over the past five quarters. At the same time, U.S. home sales and prices have been rebounding over the past two years, while foreclosures have been declining.
Moderate but stable job gains, still-low mortgage interest rates, and tight supply of homes for sale have helped fuel the housing rebound. That's also made it easier for homeowners to refinance, catch up on payments or sell their home, avoiding foreclosure.
Doug Spiers / Principal Broker
Blog Archive2016-05-12 10:27:02
Where is Housing Headed for the Rest of 2016?
Something home sellers need to consider
Mortgage Rates Remain at Historic Lows
4 Reasons to Move Up to Your Dream Home This Sprin
Best Long-Term Investment
No Matter Which Groundhog You Listen To...
Existing Home Sales Bounce Back
Real Estate News You Need to Know Wed. 12/9/15
2016 Home Prices and Rates?
2016 Home Prices?
New Home Sales Surge
30-Year Fixed Mortgage Rates Fall to 5-Month Low;
What you need to know today.
Rates Today July 22,2015
Mortgage Rates Hit 19-Month Low
30-Year Fixed Mortgage Rate Up From 19-Month Low;
30-Year Fixed Mortgage Rates Drop
Housing Market Looking Up
US housing recovery appears to be back on track
4 in 10 US households use cellphones only
Pending Home Sales Surge 6.1%
Pending Home Sales 4/28/14
30-year-mortgage rate rises to 4.35%
Click here to see ALL articles.