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More Homeowners are Late on Their Mortgages

Date:September 21, 2009 | Author:Mary Miller | Category:foreclosure

Despite signs of an improving housing market, homeowners continue to be under financial stress. According to Reuters, the 30-day mortgage delinquency rate increased again in August, reaching a new all-time high.

The chart above shows significant year-over-year increases in the delinquency rate. The August ’09 rate of 7.58% increased 55% versus the August ’08 rate of 4.89%. Month-to-month, the rate increased 3.6% versus the July ’09 rate, which was 7.32%.

This delinquency rate is an important number to watch, as it is a leading indicator of home foreclosures and personal bankruptcies.

Looks like we’re not out of the woods yet.

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Loan Modification 8:29 AM - Sep 23,2009

Good stats. It does feel like the economy is getting better but this graph really shows our economic condition. Pretty disturbing I must say. Banks and gov should start listening to homeowners more and work with them to save more homes.
Ed 6:21 AM - Nov 2,2009

Let prices fall to where they are affordable. Affordable houses is a big part of the answer to our economic woes, not keeping prices high with government incentives/NAR lobbying. All aspects of a real estate transaction should also be transparent – especially the bidding process.