Duplex Mortgage Delinquencies At 5-Year Low

There’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  the 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.