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Delinquent mortgages continue to reboundDelinquent mortgages continue to rebound

Mortgages  \  February 3, 2014 03:57 pm

Mortgage companies in Illinois likely had a successful year, as the number of delinquent U.S. housing mortgages  improved in 2013 to pre-recession levels, according to a new report from Black Knight Financial Services. The year also experienced the best property sales since 2007, showing that the real estate market continues to improve.

"In many ways, 2013 marked an abatement to crisis conditions in the U.S. mortgage market," said Herb Blecher, senior vice president of Black Knight Financial Services' data and analytics division. "Delinquencies neared pre-crisis levels, foreclosure inventory declined 30 percent over the year, new problem loan rates improved in both judicial and non-judicial foreclosure states, and foreclosure starts ended the year at the lowest level since April 3007."

Meanwhile, the average rate on a 30-year fixed mortgage  hit three-month lows last week, dropping to 4.34 percent in the week ending Jan. 30 compared to 4.5 percent from the week before, Mortgage News Daily reported.

There likely will continue to be a demand for mortgages in 2014, as 820,000 single-family homes are expected to be built  - a 30 percent increase from 2013. Multifamily construction is also projected to be more active this year, increasing 8 percent over last year. Consumers also have been demonstrating their increased confidence in the market, as the purchase of durable goods and sentiment have improved recently.

However, David Crowe, chief economist of the National Association of Home Builders, remains cautious about 2014's performance, saying that the homebuilding market is about two-thirds normal and will take at least two more years to return to "pre-recession normalcy," Mortgage News Daily reported.

"The familiar saying that housing brings the economy out of recessions did not hold true this time around," he said.

 

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