Late Mortgage Payments Fall as Values Rise
New York, NY, Sept. 20, 2013 -- More homeowners are making their mortgage payments on time thanks to the rise in home values, according to a study by credit reporting agency TransUnion.
TransUnion that it studied late-payments between 2009 and 2012 by consumers who have mortgages, credit cards and auto loans.
The study found that consumers who have all three types of loans were more likely to make timely payments on their auto loans ahead of credit cards and home loans.
But through last year as home values rose, the late-payment rate on mortgages nearly equaled the rate of credit cards.
The mortgages at least 30 days overdue had a late-payment rate of 3.83% in 2009. That declined to 1.91% last year, TransUnion said.