Economy Briefs: Late payments for homeowers hit 3-year low
LOS ANGELES — U.S. homeowners are getting better about keeping up with their mortgage payments, driving the percentage of borrowers who have fallen behind to a three-year low, according to a new report.
Still, the rate of decline remains slow, credit reporting agency TransUnion said Wednesday. The percentage of mortgages going unpaid is unlikely to return anytime soon to where it was before the housing market crashed.
Some 5.49 percent of the nation’s mortgage holders were behind on their payments by 60 days or more in the April-to-June period, the agency said. That’s the lowest level since the first quarter of 2009.
The second-quarter delinquency rate is down from 5.82 percent in the same period last year, and below the 5.78 percent rate for the first three months of 2012.
Employers post most jobs in 4 years
U.S. employers posted the most job openings in four years in June, a positive sign that hiring may pick up.
The Labor Department said Tuesday job openings rose to a seasonally adjusted 3.8 million in June, up from 3.7 million in May. That’s the most since July 2008. Layoffs fell.
The data follow Friday’s report that said employers in July added the most jobs in five months. A rise in openings could signal better hiring in the coming months. It typically takes one to three months to fill a job.
Even with the increase, hiring is competitive.
There were 12.7 million unemployed people in June, or an average of 3.4 unemployed people for each job.
That’s down a bit from May and much lower than the nearly 7-to-1 ratio in July 2009, just after the recession ended. In a healthy job market, the ratio is usually around 2-to-1.
Still, employers have been slow to fill jobs. Since the recession ended in 2009, openings have increased 57 percent. Overall hiring is up only 19 percent.
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