RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Mortgage Delinquency Rate Falling

November 24, 2015 1:12 am

The mortgage delinquency rate, or the rate of borrowers 60 days or more delinquent on their mortgages, is sliding downward as housing continues to move toward a more balanced market, according to a recent TransUnion Industry Insights Report. In fact, the mortgage delinquency rate has declined nearly 30 percent in the last year alone, and 65 percent from its 2010 peak.

“The decline in serious mortgage delinquencies is continuing and even ramping up, with steadily increasing absolute drops over the last year,” says Joe Mellman, vice president and head of TransUnion’s mortgage group. “We believe this is due to a combination of factors, including strong performance by recent vintage mortgage loans, improving home prices and the continued funneling of delinquent accounts through the foreclosure process.”

According to the report, the rate is dropping across all age groups, with millennials and those aged 60 and older at least risk for delinquency, and every state across the board is experiencing yearly declines.

“This is now the third straight quarter where we’ve not only seen year-over-year mortgage origination growth, but also significant increases in the higher risk populations of near prime and subprime—hinting at a loosening of credit and/or a change in the mix of borrowers seeking mortgages,” adds Mellman.

Source: TransUnion

Published with permission from RISMedia.


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Tips to Steer Clear of Pothole Damage

November 23, 2015 1:09 am

Over the last five years, half of car owners experienced damage to their vehicles as a result of potholes – and poor road conditions have cost the insurance industry and consumers at least $27 billion over the same period, according to a recent survey by the Independent Insurance Agents & Brokers of America (IIABA) and Trusted Choice®.

To help motorists avoid costly pothole damage this winter and beyond, the organizations recommend:

• Keeping an eye on traffic patterns. A number of cars that slow down or move quickly to other lanes may be a sign of major potholes or road damage ahead.

• Avoiding the urge to swerve out of the way of a pothole at the last minute. You may swerve into the path of an oncoming vehicle. Risking damage to your car is wiser than risking the loss of your life or that of another person.

• Pulling over as soon as it is safe if you hit one. If you notice damage, record details and specific damage—just as you would in the event of a collision with another motorist—in case you need to file an insurance claim.

• Reporting potholes to your state or local transportation department. Some states and localities have pothole hotlines.

Motorists who think their state or local government will pay for damage to their cars may be out of luck. Laws in this area vary by jurisdiction and, even where such remedies are available, conditions may apply, such as a requirement that the jurisdiction had notice of the pothole.

Source: IIABA

Published with permission from RISMedia.


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