Fewer homeowners are experiencing financial difficulty with their mortgages, even as the number of foreclosures in progress continues to rise.
The number of first lien mortgages listed as seriously delinquent fell by more than 600,000 over the past year, according to new quarterly figures from the Office of the Comptroller of Currency (OCC), to 1.57 million – a decline of nearly 28 percent. Meanwhile, the share of mortgages listed as current and performing rose a full percentage point in the first quarter of the year, to 88.6 percent of first lien loans – the highest level in nearly two years.
Those figures reflect a gradually stabilizing economy, as fewer borrowers fall behind on their mortgage payments. But they also reflect a gradual working through a backlog of foreclosures and seriously overdue mortgages not yet in foreclosure, which is gradually working the number of bad loans out of the system.
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