Mortgages Continue Rapid Erosion

Mortgage loan delinquency (the ratio of borrowers 60 or more days past due) increased for the ninth straight quarter, hitting a national average high of 5.22 percent for the first quarter of 2009, according to TransUnion. Traditionally seen as a precursor to foreclosures, this statistic is up almost 14 percent from the previous quarter’s 4.58 percent average. This compares to an increase of 16 percent from the third to fourth quarter of 2008. Year-over-year, mortgage loan delinquency is up approximately 62 percent (from 3.23 percent).

The data clearly indicates that mortgage credit performance continues to erode nationwide. So much for the hope that non-performing mortgage credits would stabilize.