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Home Loan Delinquencies Continue To Decline-May Lead To Easing Requirements

According to a report just released by TransUnion, the mortgage delinquency rate for borrowers that are 60 days or more delinquent, declined almost 30 percent during the 3rd quarter of 2015 from a year ago.  During the third quarter of this year, the mortgage delinquency rate was 2.40%, down from 3.36% during the third quarter of 2014.

Mortgage Delinquencies Down 65% From Peak

The current mortgage delinquency rate of 2.40% is down 65% from when the delinquency rate peaked at 6.94% in the 1st quarter of 2010 as a result of the housing market bubble bursting in 2008.

Millennials Pay Their House Payments!

According to the report, the age group with the lowest mortgage delinquency rate fell in the millennial category having a delinquency rate of just 1.62%.  Right behind the young borrowers were the old ones (well, relatively speaking) with the 60+ age group having the 2nd lowest delinquency rate with 1.77%.

Out with the bad in with the good…

Joe Mellman, vice president and mortgage business leader for TransUnion, attributes the mortgage delinquency improvement to a combination of factors including:

  • Continued “funneling” of delinquent accounts through he foreclosure process
  • Strong performance by recent borrowers
  • Improving home prices

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