Credit bureau TransUnion released its fourth quarter consumer lending report today, finding that mortgage debt was falling as home loan delinquencies kept on rising nationwide.
The average mortgage debt per mortgage borrower nationally fell 3.92 percent from the previous quarter to $191,370.
California led the nation with average mortgage debt of $361,387, while West Virginia was on the opposite end with average debt of just $93,891.
Mortgage loan delinquency, characterized as mortgage borrowers 60 or more days past due, hit a national average of 2.99 percent in the fourth quarter, up nearly 17 percent from the previous quarter.
It was worst in Nevada at 4.68 percent, followed by Florida at 4.49 percent, and the lowest in states like North Dakota, Alaska, and Montana, which carried rates just above one percent.
The top three states showing the greatest growth in mortgage delinquency from previous quarters were Florida (34 percent), California (33 percent) and Arizona (32 percent), while states like Alaska and Montana experienced a drop in their delinquency rates over the previous quarter (-21 percent and -5.6 percent, respectively).
TransUnion noted that the national delinquency rate is expected to rise from just under three percent to four percent or greater by the end of the year and taper off in 2009 as home prices begin to stabilize.
(photo: tanakawho)
