By Russ Wiles | The Arizona Republic
Arizonans are climbing out of mortgage hot water at a faster rate than anyone else in the nation.
A new study shows the state had the biggest improvement in mortgage delinquencies over the past year — a further sign that the housing market is recovering and consumers are making progress in paying off debts.
Credit-bureau TransUnion said the proportion of Arizona mortgages 60 or more days past due fell from 6.86 percent in the first quarter of 2012 to 4.26 percent in the first quarter of 2013.
That delinquency decline of 37.9 percent was the nation’s best, followed by neighboring California’s 36.6 percent drop and Colorado’s 28.5 percent improvement. All 50 states and the District of Columbia saw their mortgage-delinquency rates improve over the past year.
Arizona’s current delinquency rate now puts in below the national average of 4.56 percent, which eased from 5.78 percent one year earlier.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
