Mortgage Delinquencies Rise; 6.25% of Home Loans Past Due 60 Days or More
Posted on | November 17, 2009 | 1 Comment
A Transunion report released today revealed that 6.25% of home loans are past due 60 days or more. Mortgage delinquencies continue to rise as this number is up 58% from a year ago. Being 60 days or more behind on a mortgage payment is the first sign of potential foreclosure. After being two months or more behind it is extremely difficult to catch up on payments. There has been a slowing in the rate of delinquencies but this is still a major problem.
The four states that are being hit the hardest when it comes to mortgage loans being past due are Nevada, Florida, California and Arizona. This is not a surprise as these are the states who have been hit the hardest by the housing bubble being burst in July of 2006. North Dakota is the states in which the most mortgage are paid on time.
Many analysts feel that two things must happen before we will see this problem go away; a decrease in the unemployment rate and an increase in home prices. Home prices are starting to stabilize with the help of the first time home buyers tax credit but the unemployment rate continues to rise as it is now above 10%. If the unemployment rate continues to rise then we are going to continue to see Americans miss mortgage payments.
Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.
Author: Alan Lake
Comments
One Response to “Mortgage Delinquencies Rise; 6.25% of Home Loans Past Due 60 Days or More”
Leave a Reply
November 17th, 2009 @ 10:12 am
Until the credit markets defrost this trend will continue. Foreclosures and repossessions in America are at an all time high (see http://www.repofinder.com). When you take away the credit you take away the jobs. Without jobs loans don’t get paid.