Report: Mortgage defaults improving

Mortgage defaults are declining nationwide.According to a report conducted by the Local Initiatives Support Corporation, the Urban Institute and the Center for Housing Policy, the nation's serious delinquency rate for mortgages is improving.Among the country's 100 largest cities, the delinquency rate dropped 10 percent from its peak between December 2009 and March 2011. While the decline is a positive for the nation's real estate sector, the rate is still historically high. Furthermore, the share of homes in foreclosure increased during this 15-month period, rising 12 percent.”This release confirms trends that we started to see over last couple of quarters,” Maya Brennan, senior research associate with Center for Housing Policy, told “The serious delinquencies have stabilized in general but the foreclosure component of that keeps going up and that is mainly because in many cases people are staying in foreclosure for a long time.”Overall, only 12 of the 100 largest metro areas recorded higher default rates since December 2009, including New York City, which has the nation's longest foreclosure process.Due in part to the region's healthy job sector, the default rate of Houston property owners was not among the nation's highest.Courtesy of 2M Realty News

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