Mortgage Deliquencies Hit Record High in First Quarter

[deejayoh]

Reported by , no less!

Mortgage Deliquencies Hit Record High in First Quarter
Mortgage delinquency rates hit an all-time high in the first quarter of 2007, according to data compiled by Equifax and analyzed by Moody's Economy.com.

At 6.19%, Detroit (above) is the metro area with the highest mortgage delinquency rate.
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The percentage of mortgages in default rose to 2.87%, surpassing the worst levels following the 2001 recession.

"The news is unremittingly bad," CNBC's Steve Liesman said Tuesday. "Delinquency rates were up in 44 of the 50 states."

The only states where delinquencies didn't increase were Kansas, Kentucky, Montana, North Dakota, South Carolina and Utah. (uh oh - looks like Washington's participating...)
The states with the highest delinquency rates are:

Mississippi, 4.85%
Texas, 4.09%
Michigan, 4.06%
Georgia, 3.89%
West Virginia, 3.83%

Liesman said delinquencies rose in first mortgages, second mortgages and home equity loans. There also were increases in loans that are 30, 60 and 90 days past due.

"I don't think we're near the bottom," said Mark Zandi, an analyst at Moody's Economy.com who reviewed the data. "The correction is in full swing. I think we have at least a year to go.

[meshugy]

...but foreclosures are down YOY 22.8% in King County:



King County went against the national trend, with its 402 March foreclosures down 22.8 percent from March 2006

[Puget Sounder]

[Alan]

[twistjusty]