Lender Processing Services has released numbers indicating that the percentage of delinquent mortgages has passed 10%, meaning that approximately 7 million mortgages are behind on their payments. This percentage sets a record, and indicates that continuing unemployment and underwater loans are continuing to accelerate the number of loans behind on their payments. Arizona, California and Florida have the highest number of loans behind on their payments, as indicated by their high default rates and foreclosures, while most midwest states, along with Oregon, have the fewest.
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate
I wonder why the certain states have higher deliquency rates than others.
Feb 04, 2010 06:22 AM
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant
Malcolm, it looks like a lot of people in the states hit the hardest took on loans they really couldn't afford on houses worth much more than they should have been. Once the over inflated housing prices started to drop and people began to lose their jobs, they didn't really have a chance.
Feb 04, 2010 06:27 AM
At Home Real Estate Group - Ripon, CA
Realtor - Ripon California
Isn't it just crazy. Our little market in Tracy, CA is at 78% REO's & short sales that are availble on the market. I wonder how this statistic will increase our odds of non normal sellers around here.????
Feb 05, 2010 07:32 AM
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant
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Christine Hynes
Orange County Senior Loan Consultant
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