Delinquent mortgages dropped to their lowest level since November 2008 according to recent research.
At the end of August, the company found there were approximately 2.1 million mortgages, or 5.3 percent of all outstanding home loans, in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO). The rate of seriously delinquent mortgages is at its lowest level since December 2008.
Also reported a drop in completed foreclosures in August of 34 percent year-over-year. Foreclosures were only 1.3 percent higher from the previous month. The data shows 48,000 foreclosures were completed in August. Foreclosure Inventory Down 33%
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