• Home
  • Communities
    • McDowell Mountain Ranch
      • Arizona Highlands
      • Arizona Vintage
      • Armonico
      • Cachet
      • Castle Chase
      • Cimarron Hills
      • Cimarron Ridge
      • Community Center
      • Desert Cliffs
      • Discovery Canyon
      • Discovery Trails
      • Eagle Ridge
      • Mirador
      • Montecito
      • One Hundred Hills
      • Panorama Point
      • Sienna Canyon
      • Sonoran Estates
      • Sonoran Fairways
      • Sunrise Point
      • Sunset Point
      • The Overlook
      • The Ridge
      • The Summit
      • Trovas
      • Vermillion Cliffs
    • Grayhawk
    • Aviano
    • DC Ranch
    • Desert Ridge
    • Windgate Ranch
    • Lone Mountain
    • Desert Mountain
    • Scottsdale Mountain
    • Scottsdale Ranch
    • Luxury Homes
    • Golf Course Homes
  • Buyers
  • Sellers
  • About Us
  • Testimonials
  • Blog
  • Contact

Jeff Cameron

HomeSmart

480-652-2004

Follow Us on FacebookFollow Us on Google+Follow Us on TwitterFollow Us on LinkedInFollow Us on YouTube

Arizona Real Estate Experiences A Significant Drop in Mortgage Delinquency Rates

May 10, 2013 By Jeff Cameron

Print Friendly, PDF & Email

Arizona Real Estate Experiences A Significant Drop in Mortgage Delinquency Rates

According to some reports, some American citizen fails to meet their mortgage amortizations on time. This is a very good indicator that US economy is now improving. Aside from being a good indicator of an improving economy, the drop in first time default rate can also be attributed to an increasing home costs, tighter lending standard, and decreasing unemployment rate which all added to overall progress in mortgage quality.

Reports said that mortgages with atleast 30 days overdue also drop to 5 million in March from 7.7 million in January of 2010. Even so it is still on a higher rate compared to 2.2 million non- current mortgages recorded in January 2006 in which the US housing market is at its peak.

Arizona has the biggest progress in mortgage delinquencies for the previous years. This indicates that Arizona housing market is really recovering and that Arizonian consumers are now showing improvements in paying their debts.

According to TransUnion (credit- bureau) the actual percentage of mortgages with 60 days or more overdue, drops from 6.86 % during the first quarter of 2012 to 4.26% in the first quarter of 2013.  The delinquency rate significantly drops to 37.9% which became the country’s best followed by California with 36.6% drop, and Colorado with 28.5% progress. The 50 states including the Columbia saw that their mortgage delinquency rate improves over the previous years.

“The national mortgage-delinquency rate experienced its first major decline since the advent of the housing crisis”. “We certainly expected improvement this quarter, as the housing sector is in recovery, but the magnitude of the improvement was unexpected.” according to Tim Martin (TransUnion vice president on financial services business unit).

The recent mortgage delinquency of the state of Arizona sets down the 4.56% national average which moved from 5.78% the previous year. The credit- bureau (TransUnion) expects that this mortgage delinquency rate will continue its downward trend finishing close to 4.5%.

“The housing sector as a whole has definitely been improving with prices up, negative equity down and (interest) rates staying low,” said Tim Martin. “That seems to have helped borrowers this quarter, some of whom have been delinquent for a rather long time, work their way out of the system at a faster pace.”

In a different measure, Nevada shows the biggest drop in housing debts over the previous year, dropping almost 5% to an average of $204,663. The 3.9% drop to $188, 690 was also the second biggest drop from the state of Arizona. California on the other hand in on the third rank with a drop of 3.2% to $320, 419.

Florida has the highest proportion of mortgage delinquency at 11% followed by the state of Nevada at 9.12% and New Jersey at 6.93%. Nebraska, South Dakota, and North Dakota recently have the lowest past- due rate of below 2%.

“We do not know if the first quarter was a blip or if it’s the beginning of a more rapid decline.” said Tim Martin.

The study made by TransUnion is actually a part of a continuing series of quarterly reviews on how U.S. consumers manage their credit cards, auto loans, and mortgages.

For up to date information you can visit us at our website LiveinMcDowellMountainRanch.com

More event updates and local information brought to you by The Cameron Team.  

logo TCT crop 300x134 Renaissance Festival 2013

Filed Under: Latest News, Market Reports, Scottsdale Tagged With: arizona, Arizona Real Estate, Mortgage Delinquency Rates, scottsdale

Categories

  • McDowell Mountain Ranch
  • Scottsdale
  • Grayhawk
  • Desert Ridge
  • Phoenix
  • DC Ranch
  • Fun In Arizona
  • Action Sports
  • Gilbert
  • Local Businesses
  • Peoria
  • Glendale
  • Paradise Valley
  • Mesa
  • Tempe

Calculate Mortgage Payments

www.mlcalc.com

Contact Us

Jeff Cameron

The Cameron Team
8388 E Hartford Ave,
Scottsdale, AZ 85255

Jeff: 480-652-2004

JeffRCameron@gmail.com

Copyright © 2025 Jeff Cameron
8388 E Hartford Ave Scottsdale, AZ 85255 · 480-652-2004 · jeffRcameron@gmail.com
Powered by