Fannie Mae reported on Tuesday that in Q4 2009, the serious delinquency rate for conventional single-family mortgages rose 26 basis points to 4.98 percent. A year earlier, the rate was 1.89 percent. According to the Reuters report, the multifamily serious delinquency rate dipped 1 basis point to 0.61 percent but remained starkly higher than the 0.21 percent rate in in October 2008.
Serious delinquencies are loans that are three months or more past due or in the foreclosure process for single-family homes and those that are 60 days or more past due for multifamily homes.
All signs seem to point to a long period before any serious recovery in this market begins, so it is more important than ever for Applied Education's home solution specialists to get out there and offer some assistance before credit is ruined for all of these families suffering from financial duress.
Remember - you can offer some much-needed help in these dark times.