Late delinquencies are down from 10.4 percent to 9.3 percent from December 2009 to June 2011.
Advocacy group Foreclosure-Response.org, who released the report, also noted that home foreclosures may be stabilizing as well.
The levy of good news could signal that more consumers are taking control on home mortgages, thus moving the housing market and the economy into a more positive footing.
The group is part of the Center for Housing Policy, the Urban Institute and the Initiatives Support Corporation. The study conducted takes delinquency information from 100 U.S. metropolitan areas, and targets homes that are either 90 days late in mortgage payments or that are on the way (or already in) foreclosure.
Of the top ten urban areas with the highest rate of serious delinquencies on the group’s list, eight are located in the state of Florida while the other two are New Jersey and Nevada. The Florida cites include Miami, Tampa and Orlando. Other notable cities include Las Vegas.
Analysts warn that we are not out of the woods just yet. As the housing crisis took a long time to take fruition, it will take just as long to recover, the report says.
“The foreclosure inventory that is building up is going to take an incredibly long time for lenders to clear,” noted Urban Institute research associate Leah Hendey in a statement to HousingWire.com. “At the current pace of foreclosure sales, we are looking at a process that could take decades to complete.”
By Michael Freeze