Fannie Mae has released new numbers that show a continued fall in the amount of seriously delinquent mortgages across the country. Rates for Plano homes continue to be below the national averages and the foreclosure rate for the area continues to improve. Fannie's latest number for seriously delinquent mortgages fell to 4.70 from a high of 5.59 in February of this year and is now the lowest percentage since September of 2009.
TransUnion credit also reports that the rolling rate ( the payments on mortgages that rolled from 30 days past due to 60 days past due and the number of 60 day past dues that rolled to 90 days past due) peaked in July of 2009. All of these numbers are supportive of a slowly improving economy.
The interesting note is that mortgages that had a line of credit or home equity loan attached actually showed a worse rate of delinquency than those that did not. Conventional wisdom used to consider a line of credit as a strength ( a buyer with deeper pockets). Those lines of credits are now showing these borrowers as weaker than those that do not have them.
In further news Fitch Ratings estimates that the "Shadow Inventory" may take 40 months to liquidate at current offtake rates. This shadow inventory will most heavily affect California, Nevada, Arizona, Florida and Michigan.
Plano area foreclosure rates continue to be more manageable than the harder hit areas of the country.
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