Mortgage payment delays

According to credit reporting agency TransUnion, in the last 3 months of the year 2009 the percentage of mortgage payments delays cracked the record – about 7% of payments were more than 2 months overdue. That’s the highest figure for the last three years. 

Some researchers think that we shouldn’t worry too much about this figure as that’s the usual trend – at the end of each year consumers have problems paying their bills due to run out of cash because of holiday purchasing. But if the tendency continues in the first quarter 2010, it will lead to increase in foreclosures.

The highest rate of delinquency is stated in Nevada, then goes Florida followed by Arizona and California. The lowest rate of delinquency was in North and South Dakota.

According to the agency, foreclosures will go up throughout the year resulting in 8 percent. Nevada will still be in the worst situation because one out of five mortgage borrowers can become delinquent by July.