Duplex Mortgage Delinquencies At 5-Year Low

said on August 5th, 2013 categorized under: Short Sales/Foreclosure

decline in duplex foreclosuresThere’s good news for prospective duplex and single family home owners this week as Equifax reported the total balance for seriously delinquent mortgages is at a five year low.

In June, the number of loans either more than 90 days past due or in foreclosure was down 27 percent from last year, to $325 billion. Most of these loans are of an older vintage, as just 7 percent of the current delinquencies were originated in 2010 or after.

Of course, if there are fewer delinquent mortgages, there are subsequently fewer foreclosures. Therefore, it isn’t surprising that ┬áthe number of loans that moved through the foreclosure process to become bank-owned was down 19 percent as well, to $13.5 billion. This is the lowest level since June, 2007.

What this means for most property owners is a decreasing likelihood of having equity in their duplexes should they decide to refinance or sell.