- Dennis Norman
TransUnion released the results of its analysis of trends in the mortgage industry for the second quarter of 2009 and the associated impact on the U.S. consumer.
Part of this report focused on delinquencies on mortgages and the rate of mortgage delinquency. The report showed that mortgage loan delinquency (the ratio of borrowers 60 or more days past due) increased for the tenth straight quarter, hitting an all-time national average high of 5.81 percent for the second quarter of 2009, an 11.3 percent increase from the first quarter rate.
Traditionally mortgage delinquencies are seen as a precursor to foreclosures, the number of which has already set records several months this year, so this is an indication we still have a ways to go before we see the foreclosure rate return to something more normal.
Mortgage borrower delinquency rates in the second quarter of 2009 were highest in Nevada (13.8 percent) and Florida (12.3 percent), while the lowest mortgage delinquency rates were found in North Dakota (1.5 percent), South Dakota (2.1 percent) and Alaska (2.4 percent). The three areas showing the greatest percentage growth in delinquency from the previous quarter were Wyoming (+27.8 percent), Utah (+22.2 percent) and Hawaii (+21.7 percent).
The average national mortgage debt per borrower dropped (0.86 percent) to $193, 811. The area with the highest average mortgage debt per borrower was the District of Columbia at $360,891, followed by California at $359,442 and Hawaii at $314,495. The lowest average mortgage debt per borrower was in West Virginia at $97,979.
TransUnion’s forecasts indicate the 2009 mortgage delinquency rates continuing to climb at a slower pace, reaching less than 7 percent by year end. However, due to a continued downward trend in housing prices throughout the year as well as high unemployment levels, TransUnion does not see national delinquency rates beginning to fall until the first half of 2010.
Nevada has now eclipsed Florida as the state anticipated to experience the highest mortgage delinquency rate by the end of 2009, reaching as high as 16 percent, according to the report.
Related posts:
- Mortgage Loan Delinquency Rate Decreased for 5th Consecutive Quarter; Mortgage Loan Demand down as well
- Mortgage delinquency rate declines by largest rate in two years
- Mortgage Loan Delinquencies on track to set record in 2009
- Mortgage loan delinquencies have largest quarterly decline in four years
- Mortgage Delinquencies Fall for Second Consecutive Quarter
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[...] are a leading indicator of foreclosures and Mortgage delinquency rates are still rising. TransUnion released the results of its analysis of trends in the mortgage industry for the second [...]
[...] are a leading indicator of foreclosures and Mortgage delinquency rates are still rising. TransUnion released the results of its analysis of trends in the mortgage industry for the second [...]