The rate of mortgage delinquency (60+ days late) crept higher for the fifth straight quarter, according to a new report from credit bureau TransUnion.
The national delinquency rate climbed to 3.23 percent in the first quarter, up from 2.99 percent in the fourth quarter, and up 61.5 percent from the two percent rate a year ago.
The delinquency rate was highest in Nevada (5.81 percent), followed by Florida (5.38 percent), with the lowest rate of behind payments found in North Dakota (1.17 percent) and Wyoming (1.41 percent).
The top three states showing growth in mortgage delinquency included Alaska (28.4 percent), California (25.4 percent), and Nevada (24.1 percent).
Conversely, Wyoming (-16.1 percent), Louisiana (-9.7 percent), and Mississippi (-7.3) saw their delinquency rates fall significantly over the previous quarter.
“The national 60-day mortgage delinquency rate among mortgage borrowers is expected to continue to rise throughout 2008 from a value of 3.23 percent in the first quarter of 2008 to just over 4 percent by year end,” said Carson.
“This is primarily due to the continued deterioration in economic activity throughout the country combined with the continuing fallout of the mortgage crises.”
Nevada is expected to hold the highest average delinquency rate at seven percent during 2008, while North Dakota is expected to average the lowest rate, at just two percent.
But TransUnion noted that 2009 is expected to be the turnaround year as far as delinquencies go, with stabilizing home prices and improved economic conditions pushing mortgage lates lower.
Good luck making those mortgage payments folks!