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.
The statistics, from TransUnion’s database of 27 million consumer records, show that mortgage delinquencies remain highest in the four states where the crisis has hit the worst.
– 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.
And this is just the tip of the iceberg. When the dust finally settles, both housing prices and mortgage rates will be subsidized by the taxpayer. This, amigos, is just the next step on the glorious road to socialism. It truly does take a village.
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