Housing Stock in Trouble Drops

In its National Delinquency Survey, the Mortgage Bankers Association (MBA) reports homes across the country in some type of financial distress fell in the second quarter to 10.1 percent from 11.6 percent a year ago. Nationwide the average foreclosure rate was 3.3 percent in Q2 2013, although Florida hit the high note for the state with the highest delinquency and foreclosure rate at 17.4 percent of its housing stock. Meanwhile, abqjournal tells MHProNews foreclosure activity is shifting away from the states that had the highest rates—Arizona, California, and Nevada—to the northeast states of New York, New Jersey and to a lesser extent, Connecticut. The drop in the foreclosure rate over all is feeding the rise in home asking prices.

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