Seriously delinquent mortgages decrease


Published Nov 16, 2012 at 04:00AM / Updated Nov 19, 2013 at 12:31AM

The rate of seriously delinquent U.S. mortgages, a proxy for the so-called shadow inventory of homes, fell to the lowest since 2008 as employment improved and recovering housing demand made it easier for homeowners to sell.

The percentage of home loans that were more than 90 days behind or in the foreclosure process fell to 7.03 percent in the third quarter from 7.31 percent in the previous three months, the Mortgage Bankers Association said in a report Thursday. The rate was 7.89 percent a year earlier.