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