The percentage of borrowers at least 60 days past due on their mortgage increased for the 12th straight quarter, hitting 6.89 percent by the end of 2009, according to new data released by TransUnion Tuesday. That%u2019s an all-time high in the credit bureau%u2019s study, dating back to 1992.
This statistic, which is traditionally seen as a precursor to foreclosure, increased 10.24 percent from the previous quarter%u2019s 6.25 percent average. Compared to the year-ago delinquency rate of 4.58 percent, past due mortgages are up a staggering 50 percent, TransUnion said.
The Chicago-based company called the recent slowing in the pace delinquency increases %u201Cshort-lived.%u201D What was starting to become a trend came to an abrupt end in the fourth quarter, when the mortgage delinquency rate accelerated instead of decelerated as it had done since the beginning of 2009.
Based on TransUnion%u2019s analysis, borrower delinquency rates last quarter continued to be highest in Nevada (16.19 percent) and Florida (14.93 percent). North Dakota (1.84 percent), South Dakota (2.46 percent), and Alaska (2.84 percent) continued to produce the nation%u2019s lowest mortgage delinquency rates.
Stockton foreclosures are going to be around for awhile. We continue to receive a large number of calls from home owners interested in pursing Stockton short sales.
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