transunion forecasts 2010 fall in delinquent us loans
News Posted On: 08 December 2009
The number of Americans falling behind on their mortgage repayments will fall in 2010, for the first time since the credit crisis began in the states in late 2007. This is according to a forecast today, by credit agency Transunion.
The forecast is based on Transunion's study of 27million consumer records, and says that the number of delinquent loans, which is loans more than 60 days in arrears, will peak in early 2010 and fall towards the end of the year.
The forecast in itself is welcome news to the US banks which have almost all struggled to survive the crisis, many of them having to seek government assistance to prevent them going under.
The Obama administration is also welcoming the news, having spent a lot of political capital in bringing house repossessions under control in the US.
This is also very positive news for the US housing market. Since April there have been prices rising, and other positive data including a 10% rise in resales of homes last month, but always loming overhead was the shocking number of repossessions that were in the pipelines, with god knows how many more to come following those.
Because Transunion is one of the US' largest credit agencies, their data will be taken almost as read by US consumers and financial outlets. So now there is a light at the end of the tunnel for the US housing market, that in 2010, it can at least start to bring the repossession problem under control.
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