Government Urges Caution even as Seriously Delinquent Mortgages Fall

HousingWire says mortgages 90 days or more past due that are classified as seriously delinquent fell in May 22 percent, and mortgages over 30 days due also fell from 5.9 percent last year to 4.3 percent this May. Still, the Department of Housing and Urban Development (HUD) and the Treasury Department say that while housing prices increased slightly in May, the unabated number of distressed and foreclosed properties on the market continues to weigh down the chances for a quick housing recovery.  The administration’s Home Affordable Modification Program (HAMP) granted 32,000 homeowners a permanent loan modification in May.  The past two years, 730,000 homeowners received a loan modification.

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