We all know it's been a long road through the recession and into recovery. As we all recover according to our own needs it's nice to be able to take a step back and appreciate the view of progress.
The Mortgage Bankers Association reports that our foreclosure and delinquency rates on 1 to 4 unit residential properties have reached the lows of 2008.
Delinquency rates (meaning mortgages that are at least one month late on payments but not yet in the foreclosure process) have fallen to a seasonally adjusted rate of 6.39% as of the fourth quarter of 2013.
Foreclosure rates have fallen to 2.86% as of the fourth quarter of 2013.
MBA's Chief Economist and Senior Vice President, Michael Fratantoni, says, 'We continue to see substantial improvement in both delinquency and foreclosure rates, with most measures now back to pre-crisis levels... The percentage of loans in foreclosure has fallen for the seventh consecutive quarter.'
There is still room for significant improvement, but progress is being made. We should be proud of that.