One of the necessary steps for getting the housing market back to full strength has long been clearing out the number of foreclosures that are on the market. We seem to be approaching a turning point there, according to new figures from LPS: The percentage of home loans in the delinquency process is now at its lowest level since 2009. The number of mortgages in foreclosure has dropped 19 percent since this time last year, and the number of delinquent properties is down 10 percent.
Those numbers have been dropping sharply as of late. The delinquency rate (loans more than 30 days overdue) dropped by 5 percent between September and October, and the number of loans in the foreclosure process dropped by 6.7 percent.
Meanwhile, mortgage rates have now fallen to another record low: The rate for a 30-year fixed is now all the way down to 3.31 percent, down from nearly 4 percent a year ago. Everything would seem to be in place for solid growth in the housing market.
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