Need Help Now? Call Josh at 1-702-703-1221

Mortgage Delinquencies on the Decline

TransUnion, one of the three major credit bureaus, has recently reported that nationwide, mortgage delinquencies are declining. The second quarter of this year highlights that only 4.09-percent of borrowers have delinquent mortgages, which is down a total of 26-percent from 2012.

Unprecedented, this astounding decline makes the third consecutive quarter where delinquencies have shown dramatic improvements. This news is excellent for borrowers, lenders and the overall economy.

As many delinquent mortgages are consistently tracked over several quarters, the banking industry feels much relief at this respite.

With improvements reported nationwide, every U.S. state reported decreased delinquencies. California and Arizona, both hit hard by the real estate bust, saw nearly 30-percent decreases in mortgage delinquencies. Additionally, even Florida and Nevada saw consistent decreases, reporting respected 26.8-percent and 28.7-percent declines. Phoenix saw a decrease of nearly 47-percent, with San Francisco reporting 43.7-percent and Detroit nearly 38-percent.

TransUnion’s expert analysts predict this mortgage decline trend will continue throughout 2013, estimating that delinquencies will wrap up the year below 4-percent – the lowest rate reported since 2008.

With housing prices improving and low interest rates, many homeowners are now able to refinance their homes or sell them for break-even prices. Experts anticipate this trend will continue, even though interest rates are beginning to increase. With the slow interest increase, the decline will likely continue, but is not anticipated to be as dramatic.

For real estate investors looking for traditional lending alternatives, My Hard Money Lenders offers a compilation of hard money lenders by state. Their easy-to-search website allows investors to search by lending category specialties, including apartment building loans, residential home bridge loans, commercial construction loans, commercial property loans and even merchant cash advances.

My Hard Money Lenders works with companies that fund multi-family, apartment complexes, office buildings, self-storage facilities, warehouses, land development, machinery, equipment, mobile home parks, retail centers, raw land, restaurants, resorts, mixed-use properties, gas stations, convenience stores, hospitality hotels, car washes, new residential developments, taverns, pawn shops, marinas, golf courses, auto body repair shops, owner occupied businesses, industrial properties, conversions, special purpose properties, gold mines and medical facilities.

Copyright © 2024 My Hard Money Lenders, Inc. All Rights Reserved.

Design by AdaptivityPro