What It Means to Have Foreclosures at Six-Year Lows
NEW YORK (TheStreet) — The mortgage delinquency rate has decreased for the sixth consecutive quarter and is at 6.04% of all residential mortgage loans through the second quarter of 2014, according to the Mortgage Bankers Association.
In addition, the percentage of loans in foreclosure during Q2 stood at 2.49%, down from both the first quarter of 2014 and for all of last year. It's also the lowest percentage rate since the first quarter of 2008 and stands as a significant sign the residential real estate market is healthy and vibrant again. That could lead to more aggressive lending from banks and mortgage companies.
Analysts at the MBA say a healthier employment picture and continued growth in home values have helped reduce the amounts of late mortgage payments.
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