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Mortgage Delinquency Rates Fall!

The Housing Hour May 9, 2013

Remember how Bob Newhart’s last show called  Newhart ended? Bob’s character, Dick Loudon, had bought a small Vermont Inn full of zany characters. Newhart became so frustrated with everything going on at the inn, that he stormed outside where he was struck in the head with a golf ball and  knocked unconscious. When he finally awoke, he was in bed with TV wife Susan Pleshette from the original Bob Newhart Show that ran 12 years earlier. This TV history making scene stunned America and brought back the fond memories of a previous time. Watch the full scene:

The Housing crisis that began in 2007 is one of those  dreams everyone wishes they could wake up from. But there is great news in recent reports suggesting, at least in one regard, that one aspect of the housing crisis may be back to pre-2007 levels. Our national nightmare could be coming to an end.

New mortgage payment delinquency data released from  Lender Processing Services (LPS) gives reasons to hope. The LPS reports that new problem loan rates in March (seriously delinquent mortgages that were current six months ago) have fallen below 1%  for the first time since 2007. This means that these delinquency levels have reverted to levels that have not been seen since the Great Debacle  began. The key factors for the decline in delinquencies are: home equity increases which are rising due to the improving housing  market, increasing home values, and over all improvement in the economy.

A new report from Corelogic states, “Home prices nationwide, including distressed sales, increased 10.5 percent on a year-over-year basis in March 2013 compared to March 2012. This change represents the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in March 2013 compared to February 2013.” Corelogic also reports that April will see excellent home value increases. Delinquencies and foreclosures, which were once the nemesis for our country and the housing market, may be a thing of the past.

These are wonderful signs that point to a housing recovery in full swing. But unlike Hollywood, where the scene can magically take us back to a happier place and time; our happy place will not be facts and figures that point us to the past, but an economic recovery that points us to an exciting future.

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