Borrowers are getting better at making their mortgage payments on time.
Through findings from CoreLogic, Realtor.com reports that the jumbo mortgage delinquency rate sank to 3.2 percent in May, down from 4.3 percent the year before. The serious delinquency rate, where payments are more than 90 days overdue, dropped to 2.1 percent.
Boosted by growing economies and strong employment figures, Boulder, Colo., at 0.6 percent, and Austin, Texas, at 0.9 percent, had the lowest jumbo delinquency rates among major markets. Las Vegas has the highest, at 9.8 percent.
“Las Vegas was a boom/bust market, so that’s not at all a surprise,” says Sam Khater, CoreLogic’s deputy chief economist.
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