(02/18/2011) For the fourth quarter in a row, the rate at which consumers struggled to pay down their outstanding mortgage debt decreased. However, the latest rate of decline was slower than those observed in previous periods.
The national rate of 60-day mortgage delinquency continued to slide in the fourth quarter of 2010 to 6.41%, according to the latest statistics from the credit monitoring bureau TransUnion. That was a decline of 0.47% from the previous quarter, when the rate stood at 6.44%. However, that was also the smallest decrease since the summer of 2009.
Many consumers who fear they may soon become delinquent on their mortgage payments due to ongoing money problems may want to consider a refinance, which can save them hundreds of dollars a month. By reviewing the latest online rate tables, they can find the best local rates.
"These models now suggest that the 60-day mortgage delinquency rate will likely be flat or edge up next quarter, but then begin to drift lower by year end," said Tim Martin, group vice president of TransUnion's U.S. housing market financial services unit. "This forecast would change if there are unanticipated shocks to the economy affecting the recovery in the housing market."