Mortgages Delinquencies Reach an All Time high in Third Quarter

Despite the programs by the White House to prevent foreclosure, Mortgage delinquencies for the third quarter of 2009 has increased 6.25 percent as of September 30th, 2009. The good news the rate of delinquencies has slowed during the summer.

The rate of 6.25% of mortgage that are 60 days behind according to TransUnion, one of the three credit reporting agencies. That is a 58% increase over from 3.96%.

The  rate  up 7.6% in the second quarter and a 11.3% rise from the second    quarter from the first quarter.  This is up from 14% from the 4th quarter of 2008.

The slowing grow rate of delinquent is  good news said F. J. Guarrera, vice president of Financial Service, TransUnion. But the increase shows there are plenty of bad loans out there. Guarrera expects the loans delinquencies to decline in the second half of 2010.

Guarrera says there are two things  need to improve home values and unemployment. “Until we see improvement in both areas, it’s possible that it will take longer for delinquency to improve,” Guarrera said.

AP via My Way News has the rest of the story

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