Mortgage delinquencies continue to increase in third quarter - Bills.com News

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Mortgage delinquencies continue to increase in third quarter

Wednesday, Nov 18, 2009
By Lance Piper

According to a recent report, mortgage loan delinquencies increased for the 11th straight month, indicating more people may seek debt relief.

TransUnion reported that the number of mortgages that are more than 60 days late on payment hit 6.25 percent in the third quarter, which marks an all-time high. Though it did go up, the percentage did so at a slower rate for the third straight quarter.

F.J. Guarrera, vice president ofTransUnion's financial services division, said that though the slowdown in delinquencies is a good sign, people need to "keep things in perspective."

"Delinquency rates are rising and expected to peak at record levels," Guarrera said.

Guarrera added that until unemployment becomes stabilized and home prices see an increase, the market can expect to higher rates of delinquency. The state with the highest delinquency rate is Nevada, which came in at 14.5 percent. Florida was second with a 13.3 percent rate.

Increases in mortgage delinquencies
may end up being a forecast for foreclosures. Recently, RealtyTrac reported that foreclosures increased by 5 percent in the third quarter. When compared to the same time period in 2008, foreclosures are up by 23 percent.

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