In an article published May 8, 2013 by Russ Wiles of The Republic, a new study shows that Arizona is leading in the biggest improvement in mortgage delinquencies over the past year, reflecting that Arizonans are making progress in paying off their debts. According to the article, TransUnion has reported “the proportion of Arizona mortgages 60 or more days past due fell from 6.86% in the first quarter of 2012 to 4.26% in the first quarter of 2013.” The delinquency decline of 37.9% was the best in the nation followed by California and Colorado. The article quotes Tim Martin of TransUnion’s financial-services business unit as stating: “The national mortgage-delinquency rate experienced its first major decline since the advent of the housing crisis…. The housing sector as a whole has definitely been improving with prices up, negative equity down and (interest) rates staying low.” It is expected that the mortgage-delinquency rate will continue the downward trend this quarter, finishing near 4.5%.
To read the entire article on azcentral.com, click here.