Fannie Mae just reported that their Mortgage Serious Delinquency rate is down for January 2012. Find out what this means for you…
Fannie Mae just said that the Single-Family Serious Delinquency rate declined in January to 3.18% from 3.29% in December 2012. These are mortgages that are “three monthly payments or more past due or in foreclosure”.
The serious delinquency rate is down from 3.90% in January 2012, and this is the lowest level since March 2009. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
The Take Away
This is good news BUT the “normal” serious delinquency rate should be under 1%. So we can expect to see the high number of foreclosures to continue.
Buyers: Foreclosures can be a great way to get more home for your money. You just have to be ready to deal with additional paperwork and be prepared to submit a Pre-Approval letter or Proof of Funds letter with your offer.
Sellers: This is bad news since it means you will have to compete with the bargain priced properties on the market. But there are several ways to make your home MORE attractive to buyers.