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Missed Mortgage Payments Rate Falling

This post was written by jd on August 30, 2010
Posted Under: Real Estate

The number of U.S. households that missed consecutive mortgage payments or were in foreclosure fell more in the second quarter than any time since the mortgage crisis began four years ago, a survey found.

But the data, released Thursday by the Mortgage Bankers Association, showed the crisis is far from ending. One worrisome sign: The number of newly distressed borrowers increased, raising the prospect that foreclosures and delinquencies could resume their rise.

Overall, some 14.4% of borrowers had missed at least one payment or were in foreclosure at the end of June. That was down from 14.7% at the end of March, but up from 13.5% a year ago. The improvement came because fewer borrowers fell 60 days or more delinquent on their mortgages. The number of households that had missed just one payment increased.

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