Despite a rise in the mortgage delinquency rate in the fourth quarter of 2016, the slight uptick follows a record-low third-quarter report. Marina Walsh, the Mortgage Bankers Association’s vice president of industry analysis, explains the mixed set of results in the most recent survey.
The long, steady recovery from the housing crisis and the recession that followed is nearly over, with the consumer lending market expected to recover completely in 2016, according to a new report from Transunion.
The mortgage delinquency rate broke a five-year record, and for the eighth consecutive quarter, it dropped below 4%. But at the same time, mortgage delinquencies continue to be twice as high as levels observed prior to the housing bubble.
The housing market continued to heal as the national mortgage delinquency rate plummeted 4.09% in the third quarter, a drop of more than 23.3% when compared to the same time period last year, TransUnion said.