US mortgage delinquencies fall to lowest since 2007: MBA
[NEW YORK] Late payments on US mortgages fell in the third quarter to the lowest in nearly seven years, returning to a level last seen prior to the housing bust, according to a survey from a mortgage industry group released on Friday.
The delinquency rate on home loans decreased to 5.85 per cent on a seasonally adjusted basis in the third quarter. It has fallen for six straight quarters to its lowest since the fourth quarter of 2007, the Mortgage Bankers Association's latest National Delinquency Survey showed.
The share of mortgages in the foreclosure process at the end of the third quarter was 2.39 per cent, down 10 basis points from the second quarter and 69 basis points lower than one year ago. This was the lowest foreclosure inventory rate seen since the fourth quarter of 2007, the MBA said.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’