TransUnion: National Mortgage Loan Delinquency Rate Continues Torrid Decline in Q2

CHICAGO, IL–(Marketwired – Aug 6, 2013) – The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) continued its unprecedented decline in 2013, dropping to 4.09% in Q2 2013, nearly 26% lower versus the same time last year. Since last quarter, the mortgage delinquency rate has declined 10%.

“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,” said Tim Martin group vice president of U.S. Housing in TransUnion’s financial services business unit. “Many of the delinquent mortgages we have been tracking have been delinquent for a very long time, so it is encouraging to see this number is coming down so significantly.”

Every state and the District of Columbia experienced improvement in their mortgage delinquency rates from last year. As in the past several quarters, Arizona (-41.7%) and California (-40.8%) experienced the largest yearly mortgage delinquency declines. The two states with the highest mortgage delinquency rates in the nation — Florida and Nevada — also had encouraging yearly drops of (-26.8%) and (-28.7%), respectively.

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