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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