Mortgage Delinquencies Set to Soar: Report
http://www.housingwire.com/2008/12/02/mortgage-delinquencies-set-to-soar-report/Severe delinquencies among mortgage holders increased more than 50 percent from year-ago levels during the third quarter, according to data released Tuesday morning by credit reporting agency TransUnion LLC. At the end of Q3, 3.96 percent of homeowners were 60+ days in arrears, compared to 2.56 percent one year earlier; historically, the severe delinquency rate has held the line at roughly 2 percent.
No more. Not in the face of a housing and mortgage mess that, as of yet, shows little sign of slowing down. And with the nation’s recession already 12 months old — longer than the average length of most prior recessions — it might be time to ask if strategies employed thus far by government officials and lawmakers in the name of helping bolster the economy might be doing more harm than good.
“It’s nothing short of staggering,” Ezra Becker, principal consultant in TransUnion’s financial services group, told the Associated Press.
Staggering, perhaps. But certainly not surprising, given the wealth of data we’ve already seen suggesting fundamental imbalances remaining in key housing markets nationwide. The agency also said that severe delinquencies could reach as high as 4.7 percent before this year is out, an estimate that reflects the effect of job loss and an extended recession.
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