Rate of late payments on US home mortgages slides to lowest level since early 2008

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Associated Press

Posted on February 12, 2014 at 2:00 AM

LOS ANGELES (AP) — U.S. homeowners are doing a better job of keeping up with mortgage payments, a trend that has reduced the rate of late payment on home loans to the lowest level in more than five years.

Credit reporting agency TransUnion said Wednesday that the percentage of mortgage holders at least two months behind on their payments fell in the October-December quarter to 3.85 percent.

That's down from 5.08 percent a year earlier and is the lowest rate since the second quarter of 2008, when it was 3.61 percent.

The latest rate also declined from 4.09 percent in the third quarter.

The mortgage delinquency rate is still about twice as high as it was before the housing bubble burst in 2007. That suggests that many homeowners still struggle to make their payments.

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