The economy has been on an upswing in the last year, with low unemployment rates and increasing home values. This has resulted in a positive trend in the mortgage industry, with fewer borrowers falling behind on their payments.
One of the key factors contributing to this trend is the significant increase in home equity. Homeowners have seen an increase in their home values, which has allowed them to build up equity in their properties. This has given them more financial stability and the ability to make their mortgage payments on time.
In addition, low unemployment rates have also played a role in this trend. With more people employed and earning steady incomes, they are better able to manage their finances and stay current on their mortgage payments.
According to recent data, the percentage of borrowers who were behind on payments has decreased in the last year. This is a positive sign for the mortgage industry and for homeowners who are looking to maintain their financial stability.
Overall, the combination of rising home values and low unemployment rates has led to a decrease in the number of homeowners who are struggling to make their mortgage payments. As the economy continues to improve, we can expect to see this trend continue in the coming years.