Mortgage Defaults, News

Mortgage delinquencies on the rise

 

From CNN:

Mortgage loan delinquency rates rose for the seventh quarter in a row to hit 3.96%. That’s a 12% increase from the second quarter’s 3.53% average.

“As expected, the mortgage sector continued to experience increases in the delinquency rate due to worsening economic conditions in both the labor and financial markets,” said Keith Carson, a senior consultant in TransUnion’s financial services group, in a release on Monday.

TransUnion classifies borrowers as delinquent when they are 60 days or more past due on their home loans.

As unemployment numbers continue to worsen, and more and more homeowners find themselves out of work, it only follows that the number of mortgages that fall into delinquency will increase.

 

What subprime crisis? Affordable houses are everywhere., originally uploaded by woodleywonderworks.

speak up

Add your comment below, or trackback from your own site.

Subscribe to these comments.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

*Required Fields