Home Mortgage Delinquency and Foreclosure Rates Drop
The rate of home mortgages at least 30 days past due or in foreclosure in January dropped 0.2 percent from a year earlier to under five percent. Mortgage market analysts credit tighter underwriting standards and the strength of the economy for the drop.
The January foreclosure rate dropped to.0.6 percent, its lowest rates in eleven years.
While delinquency and foreclosure rates dropped in most areas of the country, including the metro Atlanta area and across the state of Georgia, serious delinquency rates increased sharply in areas affected by recent natural disasters. Houston, which is still recovering from Hurricane Harvey, which inflicted $125 billion worth of damages across the region, saw sharp increases in long term delinquency rates. San Juan, Puerto Rico, still dealing with the effects of Hurricane Maria last fall, also experienced increases.
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