Foreclosures and Mortgage Delinquencies Decline in Q1

Foreclosures and delinquencies in Q1 dropped due to increased utilization of short sales, loan modifications, and help supplied through the national mortgage servicing. In March quarter of 2012, there were 198,000 completed foreclosures, which was significantly lower compared to 232,000 number recorded in the same quarter last year.

 

In March alone, there were 69,000 completed foreclosures compared to 85,000 in same month last year and 66,000 in the prior month.

 

The national foreclosure inventory stood at approximately 1.4 million, or 3.4% of all homes with a mortgage, in March of 2012.

 

Borrowers with late payments on their mortgages were also less in March than 2011 and February.  

 

The overall delinquency level remains at its lowest level since July of 2009.  The big foreclosure markets like California, Nevada and Arizona are seeing improvements in numbers for delinquent borrowers. 

 

90 or more days mortgage late borrowers number dropped to 7% in March from 7.5% a year earlier and remained unchanged from 7% in February of 2012. Overal, all numbers are positive for the real estate market and the economy as a whole.  The introduction of HARP 2 Refinance has also help underwater refinance their mortgages into lower payments they can afford.

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My name is Kyle Chezum. I'm a Marketing Associate here at Lender411com. If you have any questions, feel free to contact me. Thanks!.