The U.S. housing market notched a couple of post-recession milestones Tuesday. The mortgage delinquency rate dropped below 5 per cent for the first time since 2007, according to third-quarter data from the Mortgage Bankers Association. Meanwhile, the share of mortgages in foreclosure fell below 2 per cent, also a first since 2007. "Looking ahead, while mortgage interest rates will continue to rise, earnings growth should also pick up, keeping mortgage payments affordable for most," said economist Matthew Pointon of Capital Economics in a research note.
