Mortgage delinquencies hit a record high in June with more than 13 percent of homeowners late with at least one mortgage payment or in foreclosure, according to a report released Thursday by the Mortgage Bankers Association.
“As a sign that mortgage performance is once again being driven by unemployment, prime fixed-rate loans now account for one in three foreclosure starts. A year ago, they accounted for one in five,” says Jay Brinkmann, the association’s chief economist.
Florida is at the top of the heap with a total of 22.8 percent of all mortgages delinquent by at least one payment or in the process of foreclosure. That’s twice the national percentage if the Florida numbers are excluded. The next highest states are Nevada, 21.3 percent; Arizona, 16.3 percent; and Michigan, 15.8 percent.
“It is unlikely we will see meaningful reductions in the foreclosure and delinquency rates until the employment situation improves. In addition, in some areas where a number of borrowers have mortgages that are larger than the current value of their homes, any life events such a divorce or loss of a job are likely to translate into foreclosures until prices in those areas recover, not just flatten,” Brinkmann said.
Source: Mortgage Bankers Association (08/20/2009) via Realtor.org.
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