The Mortgage Bankers Association reports some encouraging news in the home mortgage deliquency statistics. According to their quarterly National Delinquency Survey, 30-day delinquencies fell significantly for the last quarter of 2009. In fact, they reported the largest drop ever in the 30-day deliquency rates. Jay Brinkmann, MBA's chief economist, writes, "The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end (of mortgage delinquencies and foreclosures) may be in sight."
Historically, 30-day deliquencies are considered a leading indicator of homes going into foreclosure. Therefore, we should see fewer homeowners facing foreclosure in the future.
The Mortgage Bankers Association also reported that a record proportion of homes are in foreclosure or arrears at this time but the drop in short-term deliquencies may indicate that homeowners in trouble may be lessening.
At Team Leung, we understand that economic hardships can bring troubling times for homeowners. That is why we have a full-time Short Sale Specialist, Kelly Walters, who has been helping homeowners in Greensboro and throughout the Triad avoid foreclosure, if possible. Please email Kelly or give her a call at 336-253-5079 if you have any questions about this important topic.