The rate of 60+ day mortgage delinquencies dropped 12 basis points to 6.77% in the first quarter of 2010, from 6.89% in the last quarter of 2009, says credit bureau TransUnion.
This marks the first quarterly decline since 2006, after 12 consecutive quarters of increases. On a yearly basis however, the delinquency rate is up nearly 30% from 5.22% in the first quarter of 2009.
TransUnion had projected mortgage delinquency rates to begin leveling off in mid-2010. Considering actual delinquency rates are lower in the first quarter of 2010 TransUnion's previous projections, the firm said this forecast could be conservative.
“Based on revised economic assumptions, which are now more optimistic than before, TransUnion believes that the 60-day mortgage delinquency rate will likely continue to drop in 2010, possibly to as low as 6.3%,” said FJ Guarrera, vice president of the TransUnion financial services business.
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