There is renewed hope that the worst of the housing market decline may be over as the rate of mortgage delinquency has declined forthe second straight month. The biggest drop came in the number of homes that are 30 days past due as the number decline to levels not seen since 2008.
Delinquency remains a major issue but at least there appears to be some progress and it certainly is not getting any worse The importance of this stability is hard to gauge as the nature of foreclosure has changed in the last several months.
The first round of foreclosures that triggered the recession came as the result of the collapse in speculative homes and the problems that cascaded as a result of too many people taking too many risks. The latest wave has been more traditional as these are the people who have been placed in jeopardy by the loss of their jobs.
Armada believes that the foreclosure peak has occurred and there is now a sense that conditions will steadily improvehrough the year.
There are also signs that consumer credit delinquencies are starting to reduce as well, which is great news. - From Armada Corporate Intelligence E News 4.20.10
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