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Delinquency Rates Rise for Eighth Straight Quarter.(Managing REO)
Chicago-In a recent study for the fourth quarter of 2008, TransUnion.com here said mortgage loan delinquency, a ratio of borrowers 60 or more days past due, increased for the eighth straight quarter, hitting a national average high of 4.58%.
This statistic is up almost 16% from the previous quarter's 3.96% average and up 53% from the same period in 2008 at 2.99%.
The report, part of an ongoing series of quarterly consumer lending sector analyses focusing on credit card, auto loan and mortgage data, looked at information from approximately 27 million anonymous, individual credit files, providing a real-life perspective on how U.S. consumers are managing their credit health.
The study said mortgage borrower delinquency rates in the fourth quarter of 2008 were highest in Florida (9.52%) and Nevada (9.01%), while the lowest rates were found in North Dakota (1.21%), Alaska (1.74%) and South Dakota (1.97%). The three areas showing the greatest percentage growth in delinquency from the previous quarter were Arizona (26.2%), Montana (24.5%) and South Dakota (23.9%).
However, the news is not altogether bad: North Dakota and Alaska both showed a decline in mortgage delinquency rates, down, respectively, from the previous quarter's 10% and 19%.
The average national mortgage debt per borrower rose slightly (0.26%) to $192,789 from the previous quarter's $192,287. On a year-over-year basis, the fourth-quarter 2008 average represents a 0.74% increase compared to the fourth-quarter 2007 average of $191,370.
The area with the highest average mortgage debt per borrower was California at $356,421, followed by the District of Columbia at $354,082 and Hawaii at $310,289.
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