The housing market is showing signs of stability and recovery. A higher percentage of mortgages had a current and performing status at the end of the third quarter compared to the same time last year. 88.6 percent of mortgages compared to last year’s 88 percent.
The Office of the Comptroller of the Currency, OCC, released the percentages on Friday.
Contributing factors to the market’s stability over 2011 are thought to be “economic conditions, servicing transfers, and the ongoing effects of both home retention loan modification programs and home forfeiture actions” by the OCC.
The OCC’s records also reported mortgages that are more than 60 days late, or “seriously delinquent,” remained steadfast at 4.4 percent from the second quarter.