Mortgage Delinquencies Expected to Rise Through Early 2012, Then Decline
Mortgage Delinquencies Expected to Rise Through Early 2012, Then Decline
Mortgage Delinquencies Expected to Rise Through Early 2012, Then Decline
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December 30, 2011 (Chris Moore)

National mortgage delinquencies are expected to rise to just over six percent in the first quarter of 2012 according to TransUnion and then gradually improve over the last three quarters of the year settling in at about five percent by the end of 2012.

The delinquency rate at the end of the third quarter of 2011 was 5.88 percent, up from 5.82 percent at the end of the second quarter. The rise in the delinquency rate in the third quarter of this year was the first increase in six quarters, dating all the way back to the fourth quarter of 2009.

TransUnion anticipates the mortgage delinquency rate to peak at 6.02 percent at the end of the first quarter of 2012. Despite the increases, mortgage delinquencies at the end of this year are still expected to be seven percent lower than they were at the beginning of the year. This would also follow a seven percent decrease in 2010.

Tim Martin, group vice president of U.S. housing in TransUnion’s financial services business unit, stated, “Although house prices and unemployment will likely face continued pressure next year, this forecast calls for gradual improvements in the second half of 2012 to other key variables, like improving credit quality of new originations, consumer confidence and GDP, that will positively influence homeowners’ ability and willingness to pay their mortgages. If things go as expected, there are no additional negative shocks to the U.S. economy and the average borrower’s situation, mortgage delinquencies could fall as much as 16% in 2012 compared to 2011.”

TransUnion projects that mortgage delinquencies will decline in 38 states while 12 states and the District of Columbia are expected to see a rise in delinquency rates.

The states expected the see the biggest declines in delinquency rates are Arizona (-46.25%), Wisconsin (-45.52%) and Colorado (-40.34%).

The states expected to have the highest delinquency rates by the end of 2012 are Florida (13.20%), Nevada (11.09%) and the District of Columbia (7.91%). The states that are expected to have the lowest delinquency rates at the end of 2012 are North Dakota (1.30%), South Dakota (1.96%) and Wisconsin (2.11%).

TransUnion defines the national mortgage loan delinquency rate as the ratio of borrowers 60 or more days past due.

Tags: TransUnion, mortgage loan delinquencies, delinquency rate, improving credit quality, consumer confidence, GDP

Source:
TransUnion

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December 30, 2011 (Chris Moore)

National mortgage delinquencies are expected to rise to just over six percent in the first quarter of 2012 according to TransUnion and then gradually improve over the last three quarters of the year settling in at about five percent by the end of 2012.

The delinquency rate at the end of the third quarter of 2011 was 5.88 percent, up from 5.82 percent at the end of the second quarter. The rise in the delinquency rate in the third quarter of this year was the first increase in six quarters, dating all the way back to the fourth quarter of 2009.

TransUnion anticipates the mortgage delinquency rate to peak at 6.02 percent at the end of the first quarter of 2012. Despite the increases, mortgage delinquencies at the end of this year are still expected to be seven percent lower than they were at the beginning of the year. This would also follow a seven percent decrease in 2010.

Tim Martin, group vice president of U.S. housing in TransUnion’s financial services business unit, stated, “Although house prices and unemployment will likely face continued pressure next year, this forecast calls for gradual improvements in the second half of 2012 to other key variables, like improving credit quality of new originations, consumer confidence and GDP, that will positively influence homeowners’ ability and willingness to pay their mortgages. If things go as expected, there are no additional negative shocks to the U.S. economy and the average borrower’s situation, mortgage delinquencies could fall as much as 16% in 2012 compared to 2011.”

TransUnion projects that mortgage delinquencies will decline in 38 states while 12 states and the District of Columbia are expected to see a rise in delinquency rates.

The states expected the see the biggest declines in delinquency rates are Arizona (-46.25%), Wisconsin (-45.52%) and Colorado (-40.34%).

The states expected to have the highest delinquency rates by the end of 2012 are Florida (13.20%), Nevada (11.09%) and the District of Columbia (7.91%). The states that are expected to have the lowest delinquency rates at the end of 2012 are North Dakota (1.30%), South Dakota (1.96%) and Wisconsin (2.11%).

TransUnion defines the national mortgage loan delinquency rate as the ratio of borrowers 60 or more days past due.

Tags: TransUnion, mortgage loan delinquencies, delinquency rate, improving credit quality, consumer confidence, GDP

Source:
TransUnion

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December 30, 2011 (Chris Moore)

National mortgage delinquencies are expected to rise to just over six percent in the first quarter of 2012 according to TransUnion and then gradually improve over the last three quarters of the year settling in at about five percent by the end of 2012.

The delinquency rate at the end of the third quarter of 2011 was 5.88 percent, up from 5.82 percent at the end of the second quarter. The rise in the delinquency rate in the third quarter of this year was the first increase in six quarters, dating all the way back to the fourth quarter of 2009.

TransUnion anticipates the mortgage delinquency rate to peak at 6.02 percent at the end of the first quarter of 2012. Despite the increases, mortgage delinquencies at the end of this year are still expected to be seven percent lower than they were at the beginning of the year. This would also follow a seven percent decrease in 2010.

Tim Martin, group vice president of U.S. housing in TransUnion’s financial services business unit, stated, “Although house prices and unemployment will likely face continued pressure next year, this forecast calls for gradual improvements in the second half of 2012 to other key variables, like improving credit quality of new originations, consumer confidence and GDP, that will positively influence homeowners’ ability and willingness to pay their mortgages. If things go as expected, there are no additional negative shocks to the U.S. economy and the average borrower’s situation, mortgage delinquencies could fall as much as 16% in 2012 compared to 2011.”

TransUnion projects that mortgage delinquencies will decline in 38 states while 12 states and the District of Columbia are expected to see a rise in delinquency rates.

The states expected the see the biggest declines in delinquency rates are Arizona (-46.25%), Wisconsin (-45.52%) and Colorado (-40.34%).

The states expected to have the highest delinquency rates by the end of 2012 are Florida (13.20%), Nevada (11.09%) and the District of Columbia (7.91%). The states that are expected to have the lowest delinquency rates at the end of 2012 are North Dakota (1.30%), South Dakota (1.96%) and Wisconsin (2.11%).

TransUnion defines the national mortgage loan delinquency rate as the ratio of borrowers 60 or more days past due.

Tags: TransUnion, mortgage loan delinquencies, delinquency rate, improving credit quality, consumer confidence, GDP

Source:
TransUnion

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.