Mortgage inspectors are like Radio Shack employees. They wake up one day and realize that they have no job. They did not pay any attention to what was happening around them. If you are a mortgage inspector and you are having a difficult time understanding why your work has disappeared … read what the CFPB has to say about mortgage delinquencies. This is a real eye opener.
According to the CFPB, high rates of seriously delinquency can signal severe economic distress in the marketplace, but according to the Mortgage Performance Trends Tool the rates of serious delinquency are at the lowest level since the financial crisis. In its peak in 2010, this rate was at 4.9 percent according to the CFPB, but as of March 2017 its fallen to 1.1. percent. New Jersey and Mississippi lead the nation with serious delinquency rates of 2.1 percent.
States that show vast improvement since the housing crisis include California and Arizona, which in 2010 had seriously delinquency rates of 7.5 percent. As of March, Arizona’s serious delinquency comes in at 0.8 percent, while California has one of the lowest serious delinquency rates in the nation at 0.6. The only two states lower than California are Alaska and Colorado—both at 0.5 percent.
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