U.S. Mortgage Delinquencies Fall as Job Market Improves
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The share of U.S. mortgages that are seriously delinquent fell to the lowest in six years as the job market improved, allowing borrowers to stay current on payments while higher home prices made it easier for others to sell.
Mortgages that were more than 90 days behind or in the foreclosure process dropped to 4.8 percent of loans in the second quarter from 5.9 percent a year earlier, the Mortgage Bankers Association said in a report today. That was the lowest rate since the second quarter of 2008, when it was 4.5 percent.