Homeowners across the U.S. have brought the foreclosure rate to a 20-year low and a strong labor market looks to be the driving factor behind it.
"The share of mortgages in foreclosure fell to 0.4%, compared with 0.5% a year earlier, CoreLogic said in a report on Tuesday," according to HousingWire.
"Other measures including the delinquency rate also fell. The share of mortgages with payments 30 days or more overdue fell to 3.8%, compared with 4.1% a year ago, CoreLogic said."
The report also revealed that foreclosure rates may dip even lower in the coming months with lower mortgage rates and wage growth.
"Low mortgage rates spur gains in home prices as borrowers qualify for bigger mortgages," according to HW.
"That increases the equity held by existing homeowners because it boosts values."
To learn more about some of the driving factors behind the drop in foreclosure rates across the U.S., click on the image above.