Foreclosures May End in Near Future

In the fourth quarter, the number of homeowners who missed only one mortgage payment decreased. Possibly the drop in foreclosure filings in January was a sign of things to come in the near future.Showing the number of homeowners who have missed just one monthly mortgage payment decreased to 3.6% from 3.8% in the third quarter, The Mortgage Bankers Association released its fourth-quarter results for 2009.MBA chief economist Jay Brinkmann stated in a conference call that there are 4.5 million homes that are seriously delinquent or in foreclosure that are likely to drag down home prices.Especially at a time that seasonally sees an increase in people missing their payments, the decreased in 30-day delinquencies provides “solid indications of fewer new problems coming into the system,” according to Brinkmann. Celebration should possibly be avoided when noticing the number of people who have missed at least one payment, combined with those who already are in the foreclosure process.With 26% of borrowers one payment or more past due as of the end of December, with 20.4% of mortgages 90 days or more past due or already in the process of foreclosure, Florida was the state with the highest number of delinquencies in the fourth quarter. With 24.7% of its mortgages one payment or more past due, while 19% are 90 days or more past due or in foreclosure, Nevada was in the No. 2 spot, Brinkmann stated.Source: msn.com