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Martin said the statistics were not unexpected, in part because of the apparent return to seasonal swings in delinquency. He also noted that housing prices continued to decline during the quarter, a key factor for homeowners who are struggling to keep up with their payments. Indeed, prices dropped in November from October in 19 of the 20 cities tracked by the Standard & Poor's/Case-Shiller home-price index. Only Phoenix showed an increase for the month. And with a large number of vacant homes sitting idle on the market, prices are not expected to rise for several years. TransUnion expects the rate of late mortgage payments to tick up again in the current quarter, and then resume their decline. The news last week of a deal with the nation's five largest mortgage lenders will likely result in many suspended foreclosures being cleared off the books. And roughly 1 million homeowners are expected to see the size of their mortgage reduced through that deal with 49 state attorneys general, which should help reduce delinquency as well. But until home prices stabilize and unemployment rebounds, Martin said many homeowners will continue to struggle with their payments. "Delinquencies won't get better until that other stuff works its way through the pipeline," and the economy also improves, he said.
[Associated
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