Saturday, February 27, 2010

NEWS NOTE: Loan delinquencies up

The percentage of homeowners late with mortgage payments hit another record during the last three months of 2009, and the pace at which they fell behind took a turn for the worse, a new report says.

For the fourth quarter, 6.89 percent of mortgage payments were 60 or more days past due, according to credit reporting agency TransUnion. That’s up from 4.58 percent in the final three months of 2008.

The previous record delinquency rate was 6.25 percent in the third quarter of 2009.

The latest report marked the 12th consecutive quarter - equal to three full years - that delinquency rates have risen from the previous year.

More worrisome was that the quarter-to-quarter trend swung higher after declining in each of the previous three quarters.

Associated Press February 17, 2010

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