Delinquencies Drop as Bad Boom Loans Fade Away | Mt Kisco Real Estate

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Fewer new problem loans, declining levels of negative equity and shrinking inventories of bad loans from the boom era have helped to reduce mortgage delinquencies by the largest year-to-date decline since 2002.

The May Mortgage Monitor report from Lender Processing Services  found that the national delinquency rate continued to fall in May, Delinquencies are down more than 15 percent since the end of December 2012, coming in at 6.08 percent for the month.

As LPS Applied Analytics Senior Vice President Herb Blecher explained, much of this improvement is supported by the fact that new problem loan rates are approaching the pre-crisis average. “Though they are still approximately 1.4 times what they were, on average, during the 1995 to 2005 period, delinquencies have come down significantly from their January 2010 peak,” Blecher said. “In large part, this is due to the continuing decline in new problem loans — as fewer problem loans are coming into the system, the existing inventories are working their way through the pipeline. New problem loan rates are now at just 0.73 percent, which is right about on par with the annual averages during 2005 and 2006, and extremely close to the 0.55 percent average for the 2000-2004 period preceding.


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Delinquencies Drop as Bad Boom Loans Fade Away | Mt Kisco Real Estate

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