According to the Mortgage Bankers Association the number of households which are behind 30 days or more on their mortgage payments has declined from 14.4% to 13.5%. As for loans which are more than 3 consecutive payments in default or in foreclosure, the number dropped to 8.7% - the lowest since the second quarter of 2009.
Banks continued to report an increase in loan modification approvals - Bank of America saw a 52% increase over the previous month. The moratorium on foreclosures remains in force for most of the major banks.
Housing starts fell by 11.7% in October over the previous month down to a seasonally adjusted rate of 519,000 – an 18 month low.
All the above factors suggest low housing inventories in the months to come.
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