The share of homeowners behind on their mortgage payments or facing foreclosure fell to a five-year low during the second quarter, though they are still well north of historical levels, the Wall Street Journal reported today. The Mortgage Bankers Association said yesterday that 5.9 percent of mortgages on one-to-four-unit homes were 90 days or longer past due or in the foreclosure process at the end of the June, representing around 2.8 million households, down from a peak of 4.5 million. The second-quarter figure was down from 7.3 percent one year earlier and a high of 9.7 percent in late 2009. Delinquencies and foreclosures have returned closer to their pre-crisis levels in states such as California and Arizona that don’t require mortgage companies to take back homes by appearing before a judge. By contrast, in so-called “judicial” foreclosure states, such as Florida, New York, and New Jersey, foreclosures have declined much more slowly. Read more.
