According to an article in the New York Times on Friday, 11/19/2010 by DAVID STREITFELD, the number of homeowners behind on their mortgage payments has lessened. It is the lowest rate of delinquency since 2009.
According to the article, the reasons are the improving economy and banks willing to offer some borrowers mortgage modifications. Seriously delinquent mortgages fell during the third quarter to 8.70%.
In this market it sure seems we have hit bottom. Investors are buying rental homes and sales of non-foreclosed homes are rising. In our office, we now have highest number of pending sales in over one year.