Serious Delinquency Rate Hits Lowest Level in Six Years
In what is yet another sign of an improving economy – and a good signal for the investment and residential real estate sector – Fannie Mae reported that the national “serious delinquency rate” in August dropped to its lowest level in six years.
Seriously delinquent mortgages are defined as those that are either 3 months or more behind or are in foreclosure. This key rate dropped to 1.99% in August, down from 2.61% in August of 2013. The rate peaked in February of 2010 at 5.59%.
Some analysts are projecting the rate to fall below 1% by 2016.
This is particularly good news for investors.
If you are interested in investment real estate, we have some properties that are currently flying “under the radar.”
Give me a call and I’ll be happy to review our inventory with you.