The Arizona housing market continues its hopeful recovery as the rate of Arizona mortgage delinquencies falls to 5.18%. Though still relatively high, the rate of Arizona mortgage delinquencies has dropped just below the national average, seeing the sharpest decline in delinquencies nationwide in 2012. At the top of the list is Florida, with the rate of delinquencies at 12.47%. Nevada has the second highest, followed by New Jersey and Maryland.
The average mortgage debt in Arizona has also dropped from $197,319 to $189,000, with the national average at just under $186,785. Tim Martin, from credit-reporting and information-management company TransUnion, has assured that the high delinquency levels represent mostly old loans that have gone unpaid for a long time, while newer mortgages are doing quite well.
Visit our page on current market trends to learn more about the local real estate market.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260