Major Reduction in Delinquencies in Most States
There has been a major reduction in the number of homeowners who are seriously delinquent on their mortgage payments. This bodes well for the housing industry as delinquency rates are a precursor to foreclosure rates. As we proceed forward, home appraisals will not be burdened to the extent they have been over the last several years by distressed properties in the area.
Here is the percent reduction in serious delinquencies from the peak of the foreclosure crisis until now broken down by state: