Tuesday, November 17, 2009

Mortgage Delinquencies Hit Another Record

For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion.

That's up 58 percent from 3.96 percent a year ago.

Being two months behind is considered a first step toward foreclosure, because for most it's so hard to catch up with payments at that point. This probably what is the basis for Merideth Whitney's concerns about the economy. Residential real estate is still a big problem.

Nevada, Florida, Arizona and California had the highest delinquency rates.

In Nevada, the rate reached 14.5 percent, up from 7.7 percent a year ago.
In Florida, the rate was 13.3 percent, up from 7.8 percent last year.
In Arizona, the rate hit 10.4 percent, up from 5.5 percent in 2008.
In California, the rate jumped to 10.2 percent, from 5.8 percent last year.

1 comment:

  1. Mortgage deterioration hit Ambac.

    "For bond insurers and mortgage insurers, it really revolves around mortgage delinquencies and mortgage delinquencies continue to rise," Ryan added. "Until we start to see a turnaround in unemployment we expect there will continue to be a rise in delinquencies."