Home loan delinquency rates in the US declined in the second quarter and are expected to fall further for the rest of the year, according to credit information firm TransUnion Corp.
The national mortgage delinquency rate or percentage of borrowers who are at least 60 days late on their payments fell for two consecutive quarters, from 5.78 percent in Q1 to 5.49 percent.
All the states apart from five saw a decline in mortgage delinquency rates between Q1 and Q2 of this year, while 76 percent of metropolitan areas saw mortgage delinquency rates improve in Q2.
“The economy has not grown at a robust rate, but it does continue to slowly improve and we believe the improvement in mortgage delinquencies will follow a similar pattern,” said Tim Martin, Group Vice President of US Housing at TransUnion’s financial services business unit.
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