Balance for Seriously Delinquent Mortgages Hits 5-Year Low:
The total balance for seriously delinquent first mortgages decreased to a five-year low as rising home prices reduce incentives to default, Equifax stated in its National Consumer Credit Trends Report.In June, the balance of loans 90 days or more past due or in foreclosure fell to $325 billion, down 27 percent from last year when the balance stood at $450 billion. Loans originated in 2010 or later represented about 7 percent of the balance for seriously delinquent mortgages. See Rates today: Mortgage Rates Bounce Around This Week
Mortgage rates ticked up this week but still remain “relatively low
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