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| Delinquency is rising faster in Hawaii than in any other state. On a national basis, however, quarterly delinquency rose at a slower pace — indicating that the worst of the recession may soon pass.Borrowers who were at least two months past due accounted for 5.22 percent of residential loans during the first quarter, TransUnion.com reported today. Delinquency rose from an average of 4.58 percent in the fourth quarter and was up for the ninth consecutive quarter.
A year earlier, average late payments were 3.23 percent. TransUnion noted that although delinquency is rising at twice the rate experienced during the 2001 recession, it increased at a slower pace during the latest quarter than in the fourth quarter. It was the first decrease since the recession began at the end of 2007 and “an indication that we may be currently working our way through the worst of the recession.” Still, the credit reporting firm predicted delinquency will rise to 7 percent by December. The report was based on data from 27 million individual credit files. More than 200 data fields were analyzed. First-quarter delinquency was highest in Nevada, where it averaged 11.61 percent, followed by Florida’s 11.01 percent. North Dakota was lowest, with 1.51 percent delinquency. Hawaii saw the biggest increase from the fourth quarter: 34 percent. Delinquency increased 31 percent in Oregon. California borrowers continue to shoulder the highest average mortgage debt — at $365,192. |
7 Refinance Strategies
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...
