Report: Mortgage Loan Delinquencies, Write-Offs Way Down

first_img About Author: Brian Honea Tagged with: Equifax Home Equity Lines of Credit Mortgage Loan Delinquencies Mortgage Loan Write-Offs Report: Mortgage Loan Delinquencies, Write-Offs Way Down Demand Propels Home Prices Upward 2 days ago December 16, 2014 1,060 Views Last week, TransUnion predicted that the steadily declining number of mortgage loan delinquencies in the U.S. would fall to below pre-recession levels by the end of 2015. This week, Equifax released data that seems to go right along with that forecast.According to the latest National Consumer Credit Trends Report released on Monday by Equifax, the cumulative balance of seriously delinquent mortgages (those 90 days or more overdue or in foreclosure) totaled $198.8 billion for November, the lowest level in five years. That amount represented more than a 29.8 percent decrease from November 2013.Lenders are also writing off the fewest number of loans since before the housing bubble burst. The balance of home-finance write-offs year-to-date through the first 11 months of 2014 was $91.2 billion, its second-lowest level in eight years, according to Equifax.The number of delinquent first mortgages, which are those 30 days or more past due, comprised 4.54 percent of outstanding mortgage balances in the U.S. in November, according to Equifax. This percentage represented a decline of 5.87 percent from November 2013.The collective outstanding balance for home equity lines of credit (HELOCs) is also on the decline The November 2014 HELOC balance was $515.4 billion, also the lowest level in five years, and a decrease of 3.6 percent year-over-year, according to Equifax. The total number of outstanding HELOCs in the U.S. dropped down to 11.1 million, the lowest level in 10 years. Delinquent balances on HELOCs accounted for 2.37 percent of outstanding balances in the U.S. in November, dropping from 2.70 in November 2013, according to Equifax.The percentage of delinquent balances on home equity installment loans declined year-over-year, down from 3.22 percent in November 2013 to 2.45 percent in November 2014, according to Equifax. Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Previous: Community Lending Group Asks Government To Amend GSE Bailout Terms Next: Bank Claims $2.2 Billion in Consumer Relief Toward Settlement Requirement Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Equifax Home Equity Lines of Credit Mortgage Loan Delinquencies Mortgage Loan Write-Offs 2014-12-16 Brian Honea  Print This Postcenter_img Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Report: Mortgage Loan Delinquencies, Write-Offs Way Down Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more