Mortgage loan delinquency in Tampa and around Florida continues to rise, a new survey by TransUnion.com shows.
The second quarter showed 6.47 percent of mortgages were at least 60 days past due in Tampa, continuing a trend being felt nationwide. That’s up from 5.38 percent in the first quarter and from 2.49 percent a year ago. The delinquencies represent an average mortgage debt of $197,331, up from $169,682 in the second quarter of 2006.
Statewide, late mortgage payments accounted for 5.58 percent of total loans, representing an average mortgage debt of $173,840, up from 4.93 percent in the first quarter and 2.38 percent a year ago.
Florida had the second highest mortgage delinquency rates in the country just behind Nevada, which is at 6.63 percent.
The average mortgage debt was slightly below that of Tampa’s at $192,681. California, the District of Columbia and Hawaii had the highest average mortgage debt in some sort of delinquency ranging from $361,988 to $304,096. The lowest was found in West Virginia, where the average delinquent debt was $94,765.
Keith Carson, a senior consultant in TransUnion’s financial services group, said the national delinquency rate could hit 4 percent by the end of the year, a number that’s at 3.53 percent now.
However, delinquency rates could start to fall in 2009 as economic conditions improve and home prices begin to stabilize.
No comments:
Post a Comment