National Mortgage Delinquency Rate Plummets
The national mortgage delinquency rate fell nearly 26% in the second quarter compared to the same period last year. Every state and the District of Columbia saw an improvement in the mortgage delinquency rate year-over-year.
This marks the third quarter in a row where we have posted all-time highs in terms of delinquency improvement, and that is very welcome news for both borrowers and their lenders.
Several markets have posted double-digit drops: Phoenix saw a 47.7% decrease in the delinquency rate, and San Francisco posted a 43.7% drop. The states that have had some of the highest mortgage delinquency rates — Florida and Nevada — also posted big drops. Florida saw a 26.8% decrease, and Nevada dropped 28.5%.
Improving house prices and low interest rates have helped some home owners across the country refinance or sell their way out of mortgage payments they were having difficulty affording.