First mortgage delinquencies plummet

According to the latest Equifax (EFX) National Consumer Credit Trends Report, the total balance of severely delinquent first mortgages (90 days past due or in foreclosure) in June 2013 is $325 billion, a five-year low and a decrease of more than 27% from same time a year ago ($450 billion), MarketWatch reported.

The total balance of first-mortgage loans that completed the foreclosure process and transitioned to bank-owned property or other severe derogatory status decreased more than 19%, from $16.7 billion in June 2012 to $13.5 billion in June 2013. This is the lowest level for June since 2007.