NEW YORK — The number of homeowners making late payments — or no payments — on their mortgages fell for the fifth straight quarter in the first three months of 2011. But the figure remains stubbornly high compared with the pre-crisis norm, likely because of the huge backlog of homes waiting to be foreclosed.
The rate of borrowers nationwide who were 60 days or more past due on their mortgage payments fell to 6.19 percent for the three months ended March 31, according to TransUnion. That was down from 6.77 percent at the same time last year.
Delinquency rates were highest in Florida, at 14.37 percent, down from 14.65 percent a year ago, followed by last year’s leader, Nevada, at 14.19 percent, down from 15.98 percent.
Arizona was next, at 9.14 percent, compared with 10.94 percent in the 2010 first quarter. California, fourth at 8.58 percent, showed the biggest drop of any state in the past year, falling from 10.68 percent. These four states were the hardest hit by the housing meltdown.
Interesting to see that California, one of the 4 hardest hit states, had the biggest drop of any state. There is still a ways to go, but at least there are some positive signs. There are some amazing deals to be had if you are looking to buy right now. Interest rates are at an all time low – this could be the right time for you!
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