By JLP | August 23, 2011
Not good news: Home-Loan Delingquencies Rise Again.
The Mortgage Bankers Association said 12.87% of mortgage loans on one-to-four-unit homes were 30 days or longer past due or in the foreclosure process at the end of the second quarter, representing more than 6.3 million households. The second-quarter figure was down from 14.4% one year earlier but up from 12.84% at the end of March.
The figures offer the latest sign of how the slumping job market threatens to create new problems for the fragile housing market. The nation’s unemployment rate ended the quarter at 9.2% after beginning the period at 8.8%.
The uptick stems from an increase in newly delinquent borrowers. Nearly 4.8% of mortgage borrowers had missed two or fewer payments at the end of June on a seasonally adjusted basis, up from 4.7% at the end of March and 4.6% at the end of last year. Those are still down from year-ago levels of 5%. Indiana, Mississippi and West Virginia saw the biggest increases in new delinquencies.
The article doesn’t mention it but I wonder how many of these delinquencies are by people who previously received help.
I wish we could just get this mess behind us. We have to allow housing to hit bottom before the housing market (and the economy) can recover.