Mortgage Delinquencies Drop to Lowest Level Since 2008

You know it's a bad housing environment when a mortgage delinquency rate of around 8% is considered good news, but that is exactly where we are now.  As shown below, the Q3 delinquency rate of 7.99% is the lowest level seen since Q4 2008.  More importantly, though, the Q3 rate resumed the downward trend that was interrupted last quarter when delinquencies saw a modest uptick.  While the direction of delinquencies is welcome, we still have a long way to go before delinquencies are anywhere near what would be considered normal levels.

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