The share of homeowners behind on their mortgages fell to the lowest level in three years during the fourth quarter of 2011, offering the latest sign of how recent job-market gains could help the housing market.
According to Mortgage Bankers Association numbers, 7.6% of residential mortgages were at least 30 days past due at the end of 2011. The good news is that 7.6% is less than the 8.3% in 2010's fourth quarter and even further below a peak of 10% in early 2010.
Historically, however, residential delinquencies run at about 5%.
