Mortgages Issued in 2013 See Best Performance in 10 Years

Mortgages Issued in 2013 See Best Performance in 10 YearsNot only is 2013 amounting to a clearly improved year for seriously delinquent mortgages — 90 days or more past due — from the worst years, it is also shaping up to be the best performing year in a decade, according to CoreLogic.
Through the first six months of 2013, the serious delinquency rate of loans originated in 2013 is just six basis points, down from 10 basis points for loans originated in 2012.
And that’s down from 108 basis points for loans originated in 2007, the worst performing year in the 2000s.
Credit has tightened since the financial crisis and mortgage performance has gradually has improved.
According to CoreLogic’s latest MarketPulse report, the overall serious delinquency rate peaked at 8.5 percent in January 2010, and has declined to 5.4 percent as of July 2013.
“However, the current delinquency rate remains much higher than the normal 1 percent or 2 percent range of the early 2000s,” the report said.
Read more from CoreLogic.

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