Mortgage Performance Seems To Be Improving

The Office of the Comptroller of the Currency (OCC) has released its Mortgage Metrics Report for the third quarter of 2013.  The report indicates good news--improved performance of home mortgages.  Here are some highlights:

• Mortgage loans in foreclosure fell to just under 605,000, just over than half the number a year ago.
• 91.4% of mortgages were current and performing at the end of the Q3, up from 88.6% in 2012.
• About 3.6% of mortgages were "seriously delinquent" (meaning 60 or more days past due or held by bankrupt borrowers whose payments are 30 days or more past due). 
• 130,592 new foreclosures were initiated during the third quarter of 2013, down to just over half of the number of new foreclosures in the third quarter of 2012. 

Let's all hope mortgage performance continues to improve!