More Homeowners are Late on Their Mortgages
Despite signs of an improving housing market, homeowners continue to be under financial stress. According to Reuters, the 30-day mortgage delinquency rate increased again in August, reaching a new all-time high.
The chart above shows significant year-over-year increases in the delinquency rate. The August ‘09 rate of 7.58% increased 55% versus the August ‘08 rate of 4.89%. Month-to-month, the rate increased 3.6% versus the July ‘09 rate, which was 7.32%.
This delinquency rate is an important number to watch, as it is a leading indicator of home foreclosures and personal bankruptcies.
Looks like we’re not out of the woods yet.
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