Delinquency rates declined across every state in America, including the District of Columbia.
Chicago, IL (PRWEB) February 15, 2014
Peoples Home Equity is exited to echo news that mortgage delinquencies are at the lowest level in over 5 years. According to TransUnion.com on February 12th, mortgage delinquencies, currently below 4%, have not been this low since fourth quarter 2008.
National mortgage delinquency rates were only 3.85% in the fourth quarter of 2013, lower than 4.09% as seen in the third quarter. The rate has been steadily dropping since it used to be 5.08% in the final quarter of 5.08%. Some may think “how much longer can the delinquency rate keep falling?” The answer is that delinquency rates are still much higher than recession levels.
Delinquency rates declined across every state in America, including the District of Columbia. The areas that have retained the highest rates were Florida, New Jersey, and New York. Coincidentally, the areas that experienced the largest percentage declines in rates on a year-over-year basis were also New Jersey and New York.
The downtrend in the delinquency rate is definitely strong and Peoples Home Equity thinks the environment can only get better, especially since the government is taking action to raise the minimum wage in this country. When including the fact that unemployment is declining, retirement accounts are higher due to new highs in equities, and jobless claims were relatively low, then it’s only a matter of time before even more homeowners save or hedge themselves from foreclosure. The American dream of homeownership is once again becoming available to more citizens and Peoples Home Equity is here to help. In terms of avoid delinquency the lender can help one to refinance. To get started on seeing the potential savings of this action visit their homepage and click “calculators” tab. The tool “How Much Will I Save by Refinancing My Loan?” will be of particular interest to readers.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300.