By Dees Stribling | MHN Online
Freddie Mac reported on Wednesday that its single-family serious delinquency rate dropped from 2.34 percent in January to 2.29 percent in February. During February 2013, the rate was 3.15 percent, and the February 2014 rate is the lowest since February 2009; the rate peaked in February 2010 at 4.2 percent.
The company’s definition of serious delinquency is mortgage loans that are “three monthly payments or more past due or in foreclosure.” Historically, a normal rate of serious delinquency is about 1 percent; at the current rate of decline, it will be sometime next year before normalcy returns to this metric.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
