GLENDALE, CA -- (Marketwired) -- 04/08/13 -- According to Vahe Hayrapetian, Sales Manager of Skyline Home Loans, home loan delinquencies are on the decline -- and that's ultimately good news for everyone. He illustrates his point by noting a recent report from the American Bankers Association, which says that, in the final quarter of 2012, delinquencies related to home loans fell -- something that could indicate continued progress toward a full-blown recovery of the housing market. Vahe Hayrapetian has issued a new statement to the press, commenting on this exciting news and pointing toward the future of the housing market recovery.
According to the ABA report, home loan delinquencies dropped in three different categories -- in property improvement loans, in home equity loans, and in home equity lines of credit. This marked the first quarter since 2011 when delinquency rates declined in all three of these categories. The ABA does not track delinquencies rates for traditional mortgage payments; the organization defines delinquencies as any loan payment that is more than 30 days past due.
"It is important to understand this news within its rightful context," contends Vahe Hayrapetian. "It is true that delinquency rates remains relatively high; they are still elevated compared to the rates we saw before the housing crash. With that said, this is one scenario in which even a little bit of progress is significant -- and indeed, the decline we're seeing here could very well suggest major progress toward full market recovery."
The American Banking Association agrees. The organization's chief economist, James Chessen, says that the falling delinquency rates are indicative of the housing market's nascent recovery. There are other signs of economic recovery, as well, including the lowest level of foreclosed homes in more than five years.
There remain some challenges, the report notes -- including the impact of the federal government "sequestration." As federal spending cuts take hold and various business costs rise -- especially healthcare costs -- there remain uncertainties for the U.S. economy, which could influence the housing market's tentative recovery.
"Certainly, there remain many question marks -- but it is hard to argue with the fact that the housing market is making progress, which is a boon to those of us who work in this industry as well as to consumers, to borrowers, and to homeowners across the country," concludes Hayrapetian. "We can only hope that these numbers continue to drop, in all three categories, and that progress is not impeded by other economic factors."
Vahe Hayrapetian is a sales professional who has long worked in the financial services industry; currently, he is the Sales Manager at Skyline Home Loans, located in Glendale, California.
Vahe Hayrapetian is a sales professional with an impressive career history, focused primarily on financial services and home loan companies. Presently, Hayrapetian is the Sales Manager of Skyline Home Loans, based in Glendale, California; previous positions include management roles at Bank of America, GMAC Mortgage, and more. Outside the office, Mr. Hayrapetian is an enthusiastic supporter of FCN, a non-profit organization that seeks to enrich the lives of poor Armenian children.
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