U.S. fourth quarter home mortgage delinquencies dropped to the lowest level since the series began in 1979, providing more evidence that the housing market is back on its feet, industry data show.
Home foreclosures also declined, falling to the lowest since 1985, according to the Mortgage Bankers Association.
“Mortgage delinquencies track closely to the U.S. unemployment rate, and with unemployment at historic lows, it’s no surprise to see so many households paying their mortgage on time,” Marina Walsh, the association’s vice president of industry analysis, said in a statement.
New York, Maine, Hawaii, New Jersey, New Mexico and Vermont posted ...