Mortgage delinquencies for single-family homes declined both month-over-month and year-over-year, settling at 3.57 percent during April. This figure is down from 3.63 percent in March and 4.06 percent in April 2010.
The decline during April represented the fifth straight month of lower delinquencies. In 2010, the rate had climbed for two months, however, prior to those months, it had fallen sequentially for three years.
The purchase volume of single-family refinance loans declined as well during April, moving down to $16.6 billion, which represented 70 percent of the mortgage purchases and issuances. In March, the total amount was $19.4 billion, which reflected 72 percent.
The lesser number of single-family delinquencies is important, as existing and new sales of one-family homes both increased during April, according to recent reports. With more single-family homes being owned, better financial situations will hopefully improve the economy, said the report.
Furthermore, a recent report from TransUnion discovered that those with mortgage-only delinquencies are better credit risks than others with multiple accounts that are past due.
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