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Mortgage Clouds Show Signs of Dissipating


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mortgage clouds

 

The dark cloud of the mortgage crisis, which has been looming over the housing sector for over five years now (both at the owner-occupied as well as the investment property level), is finally showing signs of melting away.


The last quarter of 2011 posted pretty encouraging figures, with only 7.58% of borrowers delaying on their mortgage payments. This figure is 2.5 percentage points below the numbers posted at the worst of the mortgage crisis during 2010.


The quarter also showed a healthy recovery on the foreclosures front, with fewer properties being repossessed by the banks. The foreclosure numbers fell to well below 1%, drawing closer to the normal average of .5% seen during more prosperous times in the real estate market. Experts believe these numbers could have been healthier were it not for the delays in foreclosure processing caused by the dreaded robo-signing scandal. Since banks are being much more diligent in processing foreclosures, repossessed / REO properties are much slower coming through the pipeline, and their statistics are not necessarily reflective of the current foreclosure situation.

The improvements in the housing market are largely the byproducts of the upturns in the job market and the economic situation in general. And the good news is that industry pundits are predicting that this trend will continue.  We shall see.  In any case, to read more about this story, click here.



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