Severely Delinquent Mortgage Accounts up 15 Percent

April 30, 2008 No Comments »

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The number of severely delinquent mortgage accounts nationwide increased 15 percent annually to 1.5 percent in February, according to Experian’s National Score Index study.

The company considers charge-offs, foreclosures, repossession, collections, voluntary surrender and bankruptcy to be “severely delinquent”.

The credit bureau said the national average credit score for consumers with a severely delinquent mortgage account was 599 in February, compared to 605 a year earlier.

California led the nation in such offenses, with 12.4 percent of mortgage accounts severely delinquent, followed by Florida at an 8.0 percent clip and Texas at 6.3 percent.

A year ago, 9.2 percent of Californians had a severely delinquent mortgage account, 6.7 percent of Floridians, and 7.2 percent of Texans (they improved).

Washington D.C. had the lowest average credit score for those with a severely delinquent mortgage account, at an unattractive 583.

The average mortgage balance for those with a severely delinquent mortgage account was $131,699 in February, up from $124,465 a year earlier.

For those with a mortgage account but no delinquencies, the average credit score in February was 750.

Related: Does refinancing hurt your credit score?

(photo: cappellmeister)

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