July 18, 2024

home loan delinquencies
home loan delinquencies

A recently released report, showed that home loan delinquency rates in the U.S. have now surpassed 10 percent. Factoring in foreclosures in process, for one huge mortgage database, the total non-current rate sits at 13.3 %. When extrapolated to reflect the entire mortgage industry, this rate indicates that more than 7.2 million mortgage loans are now behind on payments. In addition, an estimated one million properties are now owned by banks. The January 2010 Mortgage Monitor report is an in-depth summary of mortgage industry performance indicators based on data collected as of December 31, 2009. 

Of loans that were current as of December 31, 2008, by December 2009 there were 2.3 million new loans that were considered seriously delinquent. Prime loans, including agency, non-agency and jumbo, have experienced deterioration at a worse pace on a relative basis than subprime, FHA and all loans as a whole. Within the prime loans category, loans with current unpaid principal balances between $417,000 and $600,000 have performed the worse.

Los Angeles real estate lawyers

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