“In Spite of Over 8% Unemployment and $4 Gas, Mortgage Delinquency Rate Falls”
Can you imagine, how much lower the delinquency rates would be on mortgages, if the unemployment rates fell one percent? It is clear that this administration knows what to do to get the rate low. If the unemployment rate dropped one percent, what it would do to improve real estate sales and values.
Can you imagine if gas prices didn’t double during the current administration? It is clear that the current administration has done everything humanly possible to get gas prices higher. If the average family had this extra money that they now need to fill up their gas tanks, they would have more disposable income to put into the economy.
The American people all have a quest to survive no matter the hardship.
LPS: National Delinquency Rate Falls to Almost 7%
By: Evan Nemeroff
The national delinquency rate continued its downward slide in 2012, falling to just over 7% at March 31, down 6% from the month prior, according to new figures compiled by Lender Processing Services for its “First Look Mortgage Monitor” report.
March represents the third consecutive month that the delinquency rate for the 40 million mortgages tracked by LPS declined and sets a new low not seen since August 2008.
Currently, the overall rate of loans 30 or more days past due (but not in foreclosure) is 7.09%. Also, delinquencies are down over the last year by 8.8%, LPS said.
Roughly 3.5 million properties are 30 or more days delinquent but not in foreclosure, while approximately 1.6 million mortgages are 90 or more days past due, but not in foreclosure.
LPS found that the national foreclosure inventory is holding steady at 4.14%, only 0.1% higher than the previous month but down 1.6% year-over-year. LPS said the foreclosure presale inventory is slightly more than 2 million properties.
The states with the greatest ratio of noncurrent loans include Florida, Mississippi, Nevada, New Jersey and Illinois. However, Montana, Alaska, South Dakota, Wyoming and North Dakota had the lowest amount of mortgages that were not being paid.
image 1: xedos4/freedigitalphotos.net
image 2: michelle meiklejohn/freedigitalphotos.net
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