Mortgage delinquencies are down 30 percent from peaking in January 2010, yet the high number of underwater home owners still has many concerned.
The Lender Processing Services’ Mortgage Monitor report for July shows a strong link between negative equity and new problem loans.
“As negative equity increases, we see corresponding increases in the number of new problem loans,” says Herb Blecher, vice president of LPS Applied Analytics. “In Nevada and Florida, two of the states with the highest percentage of underwater borrowers, more than 3 percent of borrowers who were up-to-date on their payments are 60 or more days delinquent six months later.
“This suggests that further home price declines – should they occur – could jeopardize recent improvements.”
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/09/12/home-owners-negative-equity-cause-more-concern
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