In the last few years since the economy took a turn for the worse in California, the mortgage delinquency rate has continued to rise. There is new hope, however and an indication that these rates are beginning to fall once again. This is thought to be due, in part, to a rise in the value of homes, more affordable home loans and a better outlook for employment.
During the last two years, the number of late mortgage payments has been declining while home prices have slowly been coming back up. The fact that interest rates for mortgages have been low recently has helped the housing market and real estate transactions to rebound. For homeowners who have had a high interest rate on their mortgage, the lower rate makes refinancing an appealing option and can help them avoid foreclosure.