The Clinton Herald, Clinton, Iowa

Lifestyles

November 13, 2013

Late-payment rate on mortgages down in 3Q

LOS ANGELES — Fewer U.S. homeowners are falling behind on their mortgage payments, aided by rising home values, low interest rates and stable job gains.

The trend brought down the national late-payment rate on home loans in the third quarter to a five-year low, credit reporting agency TransUnion said Tuesday.

The percentage of mortgage holders at least two months behind on their payments fell in the July-September quarter to 4.09 percent from a revised 5.33 percent a year earlier, according to the firm, whose data go back to 1992.

The latest rate also declined from 4.32 percent in the second quarter.

The last time the mortgage delinquency rate was lower was the third quarter of 2008.

Within a few years of setting that mark, foreclosures began to mount as home values tumbled from housing-boom highs, leaving many homeowners in negative equity — owing more on their mortgage than the value of their home. The dynamic drove mortgage delinquencies higher, peaking at nearly 7 percent in the fourth quarter of 2009.

The rate of late payments on home loans has been steadily declining over the past five quarters. At the same time, U.S. home sales and prices have been rebounding over the past two years, while foreclosures have been declining.

Moderate but stable job gains, still-low mortgage interest rates, and tight supply of homes for sale have helped fuel the housing rebound. That’s also made it easier for homeowners to refinance, catch up on payments or sell their home, avoiding foreclosure.

Even so, the mortgage delinquency rate is still above the 1 to 2 percent average historical range. That suggests that many homeowners still are struggling to make their payments. It also reflects that many home loans made during the housing boom remain unpaid but have yet to work their way through the foreclosure process.

Text Only
Lifestyles
  • Friend of the Fair Two honored as 'Friends' MORRISON, Ill. — The Whiteside County Fair recently announced its 2014 Friend of the Fair. Paul Vock and Dan Heusinkveld are this year’s honorees. The two men have been involved with the fair for decades.Vock started with the fair in 1971 as the Heav

    July 22, 2014 1 Photo

  • The Clinton Herald Jim Miller Low-cost, free cellphone options for seniors DEAR SAVVY SENIOR: What are the cheapest cell phone options available today to seniors living on a shoestring budget? I only need it for occasional calls. — Seldom Calling SeniorDEAR SELDOM: For financially challenged seniors who only want a cell pho

    July 19, 2014 1 Photo

  • Bice Nurses earn Daisy awards

    CLINTON — Two Clinton nurses recently earned Daisy awards.Mercy Medical Center nurses Jodie Atkinson and Kristen Bice earned the awards that is rewarded to extraordinary nurses. Atkinson began her career in nursing at Mercy Medical Center in 1995 on

    July 22, 2014 2 Photos

  • Revolver goes for $400 at auction CLINTON — Selling in two locations on June 21 proved to be a winner. I was selling in the first location with my son Jon and we had a strong bidding crowd. The second location had Jeff Lohr and Bill McWilliams holding firm with a nice crowd of bidder

    July 19, 2014

  • Sawmill New event cruises into Clinton CLINTON — Three Gateway-area locations are joining together in August for a river heritage event.The event will be held Aug. 3 and will feature a Blue Heron river cruise, a Sawmill Museum tour and a de Immigrant Windmill tour in Fulton, Illinois. The

    July 18, 2014 3 Photos

  • Minnick Ashford director appointed to commission CLINTON —The Ashford University campus director has been appointed to a volunteer commission.Charlie Minnick, vice president/campus director of Ashford University, has been appointed by Iowa Gov. Terry Branstad to the Iowa Commission on Volunteer Ser

    July 18, 2014 1 Photo

  • Summer lunch menus (July 21 to 25)

    Summer lunch menus at Jefferson and Bluff Elementary Schools, and Generations Area Agency on Aging

    July 17, 2014

  • Ax throw, log climb at Adirondack lumberjack class PAUL SMITHS, N.Y. — Ax throwing is encouraged in lumberjack class. It’s also OK to dump your classmate in the lake — as long as you’re both frantically trying to stay upright on a floating log.The annual Adirondack Woodsmen’s School is being held thi

    July 17, 2014

  • Locally-grown foods look to bigger business

    Once a niche business, locally grown foods aren't just for farmers markets anymore.

    July 16, 2014

  • What happens to your online accounts when you die?

    You've probably decided who gets the house or that family heirloom up in the attic when you die. But what about your email account and all those photos stored online?

    July 16, 2014

Front page
Clinton Herald Photos


Browse, buy and submit pictures with our photo site.

Poll

Should the city of Clinton appeal the open records violation ruling that will cost taxpayers $40,600?

Yes
No
     View Results
AP Video
Olympics 2014
Featured Comment
Featured Ads
Blue Zones Project
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.