Looking back on the past decade, it is visible that the U.S. economy is recuperating from a devastating economic recession. Just recently, the rate of U.S. homeowners defaulting on their mortgage payments has been reported as the lowest in six years. Credit reporting agency TransUnion reported that in Q4 of 2013, the percentage of homeowners at least two months behind on their payments fell from 5.08% in 2012 to 3.85% in 2013. Recently America is observing rising home values, a larger job market, and the ability to refinance or modify current home loans, thus making homeowners less likely to fall behind on payments. Fannie Mae reported in a study of 1,000 persons that 44% say that they expect their own financial situation to improve over the next year. For the most part, the high-risk mortgage loans made before the ’08 crisis have already been taken care of through short sales and foreclosures. The Orange County Real Estate Market in particular has seen rapid recovery.
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