Delinquency will continue to rise until late next year, when it is expected to taper off, according to an analysis of 27 million credit records.
Second-quarter mortgage delinquency of at least 60 days averaged 3.53 percent, TransUnion.com reported today. Delinquency rose from 3.23 percent in the first quarter and was up from around 2.34 percent a year earlier.
The latest increase represents the sixth consecutive quarter late payment have worsened, the report indicated.
TransUnion said its findings are based on 27 million anonymous consumer records randomly sampled from its national credit database. Each record includes more than 200 credit variables.
With 6.63 percent delinquency rate, Nevada had the highest level of late payments among any state. Florida followed with 6.47 percent.
Delinquency increased the most in Wyoming, Oregon and Florida.
Delinquency was lowest in North Dakota, where it fell to 1.10 percent. Montana and New Hampshire also saw declines.
The credit repository projected mortgage delinquency will rise to 4.0 percent by the fourth quarter then taper off in late 2009.
TransUnion said the average mortgage debt per mortgage borrower was $192,681, about $750 higher than in the first quarter. The highest average was in California, at $361,988, while the lowest average was in West Virginia, with $94,765.
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