HousingWire – Kerri Ann Panchuk
The U.S. mortgage delinquency rate is lower than it first appears when accounting for the number of mortgages delinquent for 180 days or more, credit bureau TransUnion claims in a new report. These home loans are older vintages leftover from the worst part of the credit crunch and are less likely to define what is happening in the mortgage space today. The most recent mortgage delinquency rate (counting the rate of borrowers 60 days or more past due) improved 21% year-over-year in the first quarter and 12% from the fourth quarter of 2012. TransUnion places the current mortgage delinquency rate at 4.56%, which is double the rate recorded prior to the real estate crisis.