Fewer Americans were late with their mortgage in the first quarter, with the ratio of borrowers 60 days or more past due at 6.77%. That’s down from 6.89% in the fourth quarter, according to the latest data from TransUnion.
"The fall in mortgage delinquency is indeed good news for the consumer, the mortgage industry, and the current economic recovery," said FJ Guarrera, vice president in TransUnion's financial services business unit, in a news release.
The statistic traditionally is seen as a precursor to foreclosure.
Nevada had the highest delinquency rate, at 15.98%, followed by Florida, at 14.65%. However, Florida is expected to experience the highest mortgage delinquency rate by the end of the year, reaching as high as 18.2%, according to TransUnion.
The average national mortgage debt per borrower decreased 0.47%, to $192,774 from the previous quarter's $193,690. The first quarter average represents a 1.39% decrease from the $195,500 average mortgage debt per borrower in 2009’s first quarter.
The Washington, D.C., area had the highest average mortgage debt per borrower, at $369,526, followed by California, at $351,506 and Hawaii, at $314,132.
The lowest average mortgage debt per borrower was in West Virginia, at $99,677.
Year-over-year mortgage originations dropped almost 38%.
"The fall in mortgage delinquency is indeed good news for the consumer, the mortgage industry, and the current economic recovery," said FJ Guarrera, vice president in TransUnion's financial services business unit, in a news release.
The statistic traditionally is seen as a precursor to foreclosure.
Nevada had the highest delinquency rate, at 15.98%, followed by Florida, at 14.65%. However, Florida is expected to experience the highest mortgage delinquency rate by the end of the year, reaching as high as 18.2%, according to TransUnion.
The average national mortgage debt per borrower decreased 0.47%, to $192,774 from the previous quarter's $193,690. The first quarter average represents a 1.39% decrease from the $195,500 average mortgage debt per borrower in 2009’s first quarter.
The Washington, D.C., area had the highest average mortgage debt per borrower, at $369,526, followed by California, at $351,506 and Hawaii, at $314,132.
The lowest average mortgage debt per borrower was in West Virginia, at $99,677.
Year-over-year mortgage originations dropped almost 38%.
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