Home Mortgage Delinquencies Climb
home mortgage delinquencies
Lender Processing Services reported that the national mortgage delinquency rate grew to 9.2% in May, up 2.3% from a month earlier and 7.9% from a year earlier. Home mortgages becoming 30-days delinquent lead the overall uptick, according to the report, while new real estate owned (REO) assets slipped from recent all-time highs. More than 7.3m mortgages in some stage of delinquency or REO. Read more 
Home Mortgage Delinquencies Slow – But Still Hit Record
San Diego California
According to credit reporting agency TransUnion, for the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due.
The rate was up 7.6 percent from the second quarter. That’s a much smaller jump than the 11.3 percent rise in the second quarter from the first, and the 14 percent leap seen in the quarter before that.
Being two months behind is considered a first step toward foreclosure, because it’s so hard to catch up with payments at that point.
Home Mortgage Delinquencies Increase
home mortgage delinquencies
Two of the main banking regulators, Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly released data on mortgage performance in the second quarter, and the news was not good. The report covers 34 million individual first mortgages totaling about $6 Trillion.
All types of delinquencies were up, but most distressing was the information about serious delinquencies, or mortgages that are more than 60 days past due. They reached 5.3% of all mortgages, up from 4.7% in the first quarter, an increase of 11.5%. Foreclosures-in-process reached 2.9% of all mortgages, up from 2.4% in the first quarter — a 16.2% increase.
“The mortgage data reported for the second quarter of 2009 continued to reflect negative trends influenced by weakness in economic conditions, including high unemployment and declining home prices in weak housing markets,” the report said. University City real estate
Prime Mortgage Delinquencies Move Up
The Office of the Comptroller of the Currency published 4th quarter data for loan delinquencies late last week.
From the report’s executive summary: “The biggest percentage jump was in prime mortgages, which is the lowest risk loan category and accounts for approximately two-thirds of all mortgages in the overall portfolio. The percentage of seriously delinquent prime mortgages increased from the very low starting rate at the end of the first quarter of 1.11 percent to 2.40 percent at the end of the fourth quarter—an increase of over 115 percent—with a significant rise from the third to the fourth quarter.”
Prime delinquencies always go up with unemployment. Add in the fact many are underwater or have little equity to protect and you have an additional reason to walk away from a loan. This is the second shoe to drop from the sub-prime/alt-a issue! San Diego real estate