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Mortgage delinquency drops in U.S.

Late payments on mortgages fall in first quarter.
Published: May 9, 2012
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In brief

Delinquency

rate declines

The percentage of U.S. homeowners behind on their mortgage payments dropped in the first three months of this year to the lowest level since 2009, according to a new report.

Some 5.78 percent of the nation's mortgage holders were behind on their payments by 60 days or more in the January-to-March quarter, credit reporting agency TransUnion said Wednesday.

That's down from 6.19 percent in the same period last year, and below the 6.01 percent delinquency rate for the last three months of 2011.

The decline in the U.S. mortgage delinquency rate follows two quarters of increases. But barring any severe shocks to the U.S. economy, the rate is expected to continue easing, said Tim Martin, group vice president of U.S. Housing for TransUnion.

“We had a couple quarters where it ticked up, so it's nice to see it come back down,” Martin said.

TransUnion's analysis is derived from a sample of 10 percent of mortgage holders.

Associated Press

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