Mortgage Delinquency Rate at Three Year Low

Chicago, IL, May 9, 2012 -- The national mortgage delinquency rate declined in the first quarter to 5.78%, the lowest rate since the first quarter of 2009, according to credit reporting agency Transunion.

The improvement ends two quarters of increases that began in the third quarter of last year. Before that, 60-day mortgage delinquency rates had dropped for six consecutive quarters.

"To see that quarter over quarter, and year over year, more homeowners were able to make their mortgage payments is certainly welcome news," said Tim Martin, group vice president of U.S. Housing in TransUnion's financial services business unit.

"Before this, we saw two quarters of delinquency increases and while we are still about three-times above the pre-recession norm, this should mark the start of consistent improvement each quarter."

TransUnion's forecast predicts mortgage delinquency rates will drift downward in 2012 as more homeowners are able to repay their mortgage debt obligations.