twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


West Outperforms East as U.S. Delinquency Deteriorates

U.S. 60-day rate 6.01 percent in Q4

Feb. 14, 2012

By Mortgage Daily staff


The level of late payments on mortgages secured by Arizona and California properties has declined at least 200 basis points over the past year -- the best performances of any states. But New Jersey and Vermont put in the worst performance. U.S. delinquency, meanwhile, rose in the final quarter of 2011 and might rise again.

The 60-day delinquency rate was 6.01 percent in the fourth quarter, TransUnion reported Tuesday.

The Chicago-based firm determined the delinquency statistics using a database of 27 million consumer records each with 200 credit variables.

The default rate rose for the second straight quarter from 5.88 percent as of Sept. 30, 2011. But the increase was no surprise; TransUnion predicted in the prior report that delinquency would rise in the fourth quarter, though only to 5.95 percent.

TransUnion Group Vice President of U.S. Housing Tim Martin explained in the latest summary that rising late payments in the fourth quarter had been seasonal prior to the recession. He suggested that borrowers might be trying to balance holiday spending with debt payments.

Martin also pointed to declining home prices and "stubbornly high" unemployment.

"This combination leads to more negative equity in
homes and reduced real personal income that can affect borrowers' ability and willingness to pay their mortgages," Martin said.

Delinquency fell from 6.41 percent in the fourth-quarter 2010, though Martin explained at that pace "it will take a very long time for mortgage delinquencies to get back to normal."

While the credit repository expects rates to drift down this year, the rate might rise in one or two quarters. That is a bleaker outlook that three months ago, when TransUnion predicted past-due payments would rise in the first quarter then fall each quarter after that.

Florida's 14.27 fourth-quarter rate was the highest of any state. But the Sunshine State improved from the third quarter's 14.08 percent.

No. 2 Nevada also saw delinquency fall, to 12.08 percent from 12.39 percent.

New Jersey's rate was 8.32 percent as of Dec. 31, 2011, the third-highest of any state. What's worse is that Garden State delinquency leapt 72 basis points from three months earlier and was 89 BPS higher than a year earlier -- the biggest annual increase of all states.

The state with the second-biggest year-over-year rise was Vermont, which climbed 34 BPS to 3.40 percent.

No. 4 Arizona, meanwhile, edged up 4 BPS from the third quarter to 7.50 percent but improved 220 BPS from the fourth-quarter 2010 -- the best performance of any state compare to a year previous.

Similarly improved was California, where late payments fell 200 BPS from the end of 2010 to 7.14 percent.

The lowest fourth-quarter delinquency rate could be found in North Dakota: 1.50 percent.

U.S. borrowers saw their average mortgage debt fall to $188,194 from the third quarter's $190,382. The average was $189,046 in the same quarter a year prior.

At $375,563, Washington, D.C.'s, average mortgage debt was highest, while $114,345 in Arkansas was the lowest.

next story

back to current headlines


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders