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|Fri, 02-19-2010 - 12:55pm|
For some reason, I couldn't get my post to work to "green police" on the "foreclosure" issue in the "Clinton" thread, but here's a different take dated today and not February the 2nd.
Fewer people falling behind on home loans
Decline also notable because delinquencies usually rise this time of year
WASHINGTON - The number of borrowers falling behind on their mortgage payments dropped sharply at the end of last year, a sign the foreclosure crisis is beginning to ebb.
The Mortgage Bankers Association said Friday that the percentage of borrowers who missed just one payment on their home loans fell to 3.6 percent in the October to December quarter, down from 3.8 percent in the third quarter. The decline was even more surprising because delinquencies usually rise at that time of year due to higher heating bills and holiday spending.
The new trend in late payments is significant because it means the number of people going into foreclosure will continue to decline this year. And that is important for all homeowners in areas where cheaply priced foreclosures are bringing down neighboring values.