A new report shows that mortgage delinquencies have dropped in every state from one year ago, another sign that the housing market is recovering. Arizona and California showed the biggest declines, where homeowners who were at least 60 days behind in paying their mortgages decreased by more than 40%. The two states with the highest mortgage delinquency rates in the nation- Florida and Nevada- also had encouraging yearly drops of 26.8% and 28.7% according to TransUnion.
Experts attribute this turnaround to improving housing prices and low interest rates, which have helped homeowners across the country refinance or sell their way out of mortgage payments they were having difficulty affording. While the new TransUnion numbers are encouraging, many of these same states also still have the most homeowners who owe more on their home loans than the current market value of their property, known as underwater mortgages.
According to a report in June by CoreLogic, Nevada had the highest percentage of mortgages underwater (45%), followed by Florida (38%), Michigan (32%), Arizona (31%) and Georgia (30%).
Click here to read more on the recent decline in mortgage delinquencies across the country.
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