Late Mortgage Payments Increase in 4th Quarter of 2011

Nearly 6.01% of mortgagors were behind on their mortgage payments by 60 days or more in October, November, and December of 2011 according to the credit union reporting agency, TransUnion. That was an increase of .13% from the third quarter and followed multiple years of declines. In an Associated Press article by Eileen Connelly, the author found that several states appear to be rapidly improving including Arizona and California who were both hit hard during the housing downturn. The delinquency rate in Arizona fell from 9.7% last year down to 7.5% while California moved from 9.14% down to 7.14%. Nevada and Florida, who were also hammered by slumping home values, showed declining delinquencies as well. Ms. Connelly also noted that home prices dropped from November to December in 19 or the 20 cities followed in the Standard & Poor's-CaseSchiller home price-index. All cities but Pheonix! Yeah Phoenix! Woot Woot!

More Related Posts and Resources:
Is Freddie Mac Turning the Corner?
Impact of the Dodd-Frank Act
Obama Proposed Mortgage Refinancing Plan