The number of households in the United States that are “seriously” delinquent on their mortgage payments has fallen since this time last year, according to Freddie Mac. In the latest piece of good news for the housing market, the government mortgage giant reports that just 1.08% of homeowners are three months behind on their mortgage payments in July 2016, down from 1.48% the previous year.
This rate is now back to the pre-recession levels seen in early 2008, although economists caution that a “normal” delinquency rate is under 1%. Experts expect that this rate will continue to gradually decline, due in part to the strong labor market.
While the number of foreclosed (bank-owned) homes has decreased in Greater Philadelphia, there are still plenty of opportunities available for savvy homebuyers and investors. To meet with an experienced EveryHome agent and learn more about these properties, be sure to give us a call at (215) 699-5555.