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Mortgage Delinquency Rates at Lowest Level Since 2009

by Chicago Agent

Delinquency rates are at their lowest level since 2009.

Data for mortgage delinquencies posted numerous gains in the second quarter, most notably that delinquency rates are now at their lowest level since 2009, according to the Federal Deposit Insurance Corp.

Other delinquency data included a drop in the value of loans that are between 30 days and 90 days delinquent, the seventh-consecutive quarterly drop and the lowest level since the fall of 2007. In 2010, banks reported nearly $100 billion in those delinquencies, and now they have $70 billion.

Also, banks reported $102 billion in principal balance for delinquencies of more than 90 days, a 2.6 percent decrease from the previous quarter and 3.5 decrease from 2010.

Overall, delinquencies still add up to more than $172 billion in non-accrual mortgages, along with $12 billion in previously foreclosed property. Banks held $25 billion in non-accrual mortgages before the crisis at the end of 2006.

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