New figures released have shown the number of US homeowners who have missed mortgage payments or have made them late is starting to reduce as the property market and economy starts to find its feet and aims for a sustained recovery.
The report, which was issued by TransUnion, a credit reporting agency, said that the number of people making late payments on their mortgages had hit a three year low and gives faith to an already resurgent market.
Speaking about the results, the group vice-president of TransUnion's US housing department, Tim Martin, said: "More people are making their payments and that's great. I expected a little better, but maybe we'll see some more of that pick up in the third quarter." Martin went on to add: "You have states that are taking a long time to work through the delinquencies that they have, which is keeping their number ups."
The figures showed that 5.49% of mortgage holders across the US had payments outstanding by 60 days or more, which was the lowest level recorded since the early part of 2009.
In addition to the fact that more people are being able to pay their mortgages on time, the home refinancing market saw a surge during the second quarter of 2012 as home prices start to rise again. From April to May there was a 2.2% rise; this came on the back of new homes sales, which reached a two-year high in May.
Since the housing bust, the number of people who were defaulting on their home loans has been falling since 2009.
