Loan Delinquency Rate Takes a Notable Dip
The percentage of delinquent mortgages declined to 6.57 percent in the first quarter from 6.60 in the last quarter of 2009, according to Equifax and Moody’s Economy.com.
This is the first decline in the delinquency rate since the first quarter of 2006.
“It portends a peaking of the foreclosure crisis,” says Mark Zandi, chief economist for Moody’s.
Reasons for the decline include tougher lending standards, mortgage modification efforts and a more stable job market, economists say.
Source: USA Today, Stephanie Armour (04/14/2010)