Mortgage Delinquency Rates in Arizona Continue to Fall
June 18, 2012
Despite the fact that Phoenix was one of the markets hit the hardest by the U.S. real estate market crash, things are continually appearing to improve for the Arizona metropolis. When the recession first occurred in 2008, mortgage delinquency skyrocketed and thousands of homeowners defaulted on their mortgages; in the first quarter of 2011, the mortgage delinquency rate in Arizona was 9.14 percent. A homeowner is considered delinquent when they are at least 60 days past due on their mortgage payments, and in extreme cases, results in the homeowner defaulting on their loan and foreclosing their home.
Despite the extreme rates of mortgage delinquency in Arizona, an article posted online in the Phoenix Business Journal states that these rates have drastically declined in the past year. According to the article, a TransUnion study found that Arizona’s mortgage delinquency rates fell from 9.14 percent in 2011 to 6.86 percent in the first quarter of 2012. “That 25 percent drop was the largest for any state over that time,” the article boasts. The article also informs readers that even with this decline, Arizona’s delinquency rates are still far above the national rate, however the article then goes on to state “to see that quarter over quarter, and year over year, more homeowners were able to make their mortgage payments is certainly welcome news.”
To read the full article in the Phoenix Business Journal, click here.
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