May 11th, 2010 12:18 PM by Lehel S.
Is the tide of home-loan defaults finally beginning to recede?
There were signs of that on Monday in two reports examining trends in serious delinquencies -- home loans on which borrowers are at least 60 days behind on payments.
A report from the credit data firm TransUnion said such delinquencies fell slightly across the nation in the first quarter of 2010 -- the first such decline in three years. The rate was 6.77% of all home loans, down from 6.89% in the fourth quarter of last year.
"And there's still a boatload of loans in the foreclosure process," he noted.
Because of the latter, Zandi predicted that home prices nationally may still fall somewhat lower. In Southern California and the San Francisco area, prices probably have bottomed, he said, because the wave of foreclosures hit so hard and early and because investors, accustomed to volatile prices in those areas, have stepped in to purchase houses.