Consumers Likely To Continue To Pay Down Debts, Reduce Mortgage Delinquencies In 2011
In recent months, Americans have taken steps to cut credit card debts and rein in personal spending, a trend which one major consumer credit agency expects to continue into 2011.
Transunion released its annual forecast on Tuesday, indicating the national rate of mortgage loan delinquencies - late payments to lenders more than 60 days past due - will drop nearly 20 percent by the end of next year to 4.98 percent.
"We believe the nation will experience an improvement in mortgage delinquencies during 2011," said Steve Chaouki, vice president of TransUnion's financial services business unit. "This will be driven by a slowly improving unemployment picture and continued stabilization in housing prices."
The project numbers indicate consumers would further reduce the rate from this year's figure of 6.21 percent, marking an end to three straight years of increases in delinquencies. Additionally, Transunion expects double-digit declines in all 50 states and the District of Columbia, with Nevada, Arizona and Florida posting the biggest reductions.
By making timely payments, Americans are likely to continue to cut both mortgage loan delinquencies and debt in 2011.
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