"For the first time in three years mortgage delinquencies on the
rise.
Most of my readers would not be surprised by this, but analysts were. Please consider Mortgage Payments Show Surprising Rise in Delinquencies
Most of my readers would not be surprised by this, but analysts were. Please consider Mortgage Payments Show Surprising Rise in Delinquencies
The rate at which mortgage holders were late with their payments by 60 days or more rose in the June-to-September period for the first time since the last three months of 2009, according to TransUnion.at http://globaleconomicanalysis.blogspot.com/2011/11/40-states-show-worsening-trend-in.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29
The credit reporting agency said 5.88% of homeowners missed two or more payments, an early sign of possible foreclosure. That was up from 5.82% in the second quarter.
The increase surprised TransUnion researchers, who had expected late payments, or delinquencies, to fall for the quarter.
"It's much different than we've been talking about the last few quarters," said Tim Martin, group vice president of U.S. Housing in TransUnion's financial services business unit.
The problems were widespread. Between the second and third quarters, all but 10 states and the District of Columbia saw delinquency rates increase.
"More and more homeowners are likely to struggle," Martin said. "I'm not sure this is a one-quarter blip."
That echoes predictions from other sources, like RealtyTrac.
"This isn't just about bad loans anymore," said Blomquist. "It's about a bad economy that's pushing people into foreclosure..."
