Mortgage Delinquencies Drop with Increased Default Resolutions
There is more exciting news for the mortgage industry as mortgage delinquencies drop following the resolution of recession-era defaults, according to a recent report.
"There were 1.86% of mortgages past due 60 days or more in the fourth quarter, compared with 1.91% in the third quarter and 2.28% in the fourth quarter of 2016, according to TransUnion," reported National Mortgage News.
Joe Mellman, senior vice president at TransUnion equated the decline to "recession-era defaults working their way out of the system."
TransUnion's statistics show that Gen Xers a round for the highest default rate coming in at 2.33%. In contrast, millennials had the lowest delinquency rate at 1.55%.
"This quarter we see an interesting dynamic with seemingly contradictory data points in average mortgage debt per borrower increasing, while average new account balances declined," Mellman said, according to the report.
For more statistics on the decline in mortgage delinquencies, click on the image above.
