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Iowans Behind On Mortgages Catching Up

Homeowners in Iowa are catching up on their mortgage payments, a trend reflected in a new survey released Wednesday that shows delinquencies have fallen to their lowest level since 2008.

Posted: 8:10 AM May 17, 2012
Reporter: AP

Homeowners in Iowa are catching up on their mortgage payments, a trend reflected in a new survey released Wednesday that shows delinquencies have fallen to their lowest level since 2008.

A survey from the Mortgage Bankers Association says 4,169 fewer Iowa homeowners were past due on their monthly payments at the end of the first quarter.

The number of past due mortgages in the state fell by more than a full percentage point - from 5.82 percent on Dec. 31 to 4.65 percent on March 31.

More people are finding jobs, refinance rates are historically low, and home prices are rising slightly.

Fewer delinquencies predict fewer foreclosures - good news for the economy. A similar trend was reported nationwide.