Foreclosure Notations, Mortgage Debt both Drop

HousingWire says, according to the Federal Reserve Bank of New York, household indebtedness fell $53 billion from Q1 to the second quarter of 2012 to $11.38 trillion, $1.3 trillion below household debt from the third quarter of 2008. Delinquency rate for mortgages in the second quarter was at 6.9 percent, while home equity lines of credit rose slightly to 4.9 percent. At the same time, mortgage debt is declining as more borrowers take advantage of lower interest rates, pushing mortgage originations to $463 billion. As MHProNews has discovered, foreclosure notations on credit reports for the second quarter of 2012 fell to 256,000, the lowest number since the same period of 2007.

(Image credit: mortgageorb)

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