Mortgage arrears have fallen for the second consecutive quarter, a welcome indication that Australia’s property market is remaining solid amid global financial turmoil, but there’s some even more good news.
According to the latest Fitch Ratings Dinkum Index for the September 2011 quarter, the number of mortgages that are in arrears by 30 days or more decreased by 0.17% to hit just 1.52%.
This downward trend is expected to continue into 2012 thanks to back to the RBA’s back to back interest rate decreases in November and December this year, said Fitch Structured Finance team analyst Courtney Miller.
When broken down into categories, the largest drops in mortgage arrears were in the 30-59 day, and 60-89 day brackets, while the number of mortgages that were 90-plus days in arrears saw the smallest decrease – dropping from 0.67% to 0.63% over the quarter.
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