According to a recent report from Lender Processing Services Inc., first-time delinquent home loans fell to .84 percent of the 50.2 million mortgages in March; this was the first time the number dipped below 1 percent since 2007. At its peak, the rate of first-time defaults, or loans that went from performing to at least 60 days delinquent, reached 2.89 percent in January 2009.
Mortgages that were at least 30 days delinquent or in any stage of foreclosure also fell to 5 million in March, which is an improvement from its peak of 7.7 million in January 2010. However, this number is still a far cry from pre-recession numbers, which peaked at 22 million in January 2005.
These declines can be attributed to the recovering economy, rising home prices, tightened lending standards and falling unemployment.
With Atlanta new home prices having risen 16.5 percent from February 2012 to February 2013, according to the S&P Case-Shiller Index, interest rates still at an affordable 3.5 percent for conventional loans and the least amount of default mortgages in years, now is the perfect time to get into the Atlanta real estate market.
If you’re ready to take advantage of favorable buying conditions before they are gone, call Academy Mortgage today at 404-713-8662 to get the home loan process started. For more information, visit www.AcademyMortgage.com.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.