According to recent data, mortgage delinquencies fell 8.6% in March, which is encouraging for the current dire state of the U.S. housing economy.
Although the numbers show signs of improvement, the mortgage sector is not out of the hole as mortgage delinquencies usually decline in February and March due to tax refunds. More than 320,000 loans that started the year current were at least 60 days past due at the end of March. It is estimated that more than 3.6 million homes will undergo foreclosure between 2010 to 2012 because borrowers are unable to fulfill their loan obligations.
While it is hopeful that many borrowers (more than 230,000 to date) are receiving assistance from the Obama administration's foreclosure prevention program and other modification efforts, it is uncertain as to how many will remains in their homes once their loan has been modified.
Although the numbers show signs of improvement, the mortgage sector is not out of the hole as mortgage delinquencies usually decline in February and March due to tax refunds. More than 320,000 loans that started the year current were at least 60 days past due at the end of March. It is estimated that more than 3.6 million homes will undergo foreclosure between 2010 to 2012 because borrowers are unable to fulfill their loan obligations.
While it is hopeful that many borrowers (more than 230,000 to date) are receiving assistance from the Obama administration's foreclosure prevention program and other modification efforts, it is uncertain as to how many will remains in their homes once their loan has been modified.
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