Late Mortgages Dip A Little
Cincinnati.com had this report:
The number of Ohio and Kentucky homeowners behind on their mortgage payments dropped dramatically in the first three months of 2010, according to new industry data.
Both states saw 17 percent drops in the numbers of households at least one month behind on loan payments – making them the No. 7 and No. 9 states respectively with the biggest drops. The nation saw an 11.5 percent drop in mortgage delinquencies, according to report issued Tuesday by the Mortgage Bankers Association.
The trade group cautioned, however, the figures are not seasonally adjusted and don’t exclude normal seasonal improvements in payment performance. For example, heating bills and holiday expenses tend to push up mortgage delinquencies near the end of the year. Many of those borrowers become current on their loans again by spring.
When adjusted for seasonal factors, the number of homeowners who missed at least one payment on their mortgage surged to a record in the first quarter of 2010 – a sign that the foreclosure crisis is far from over.
More than 10 percent of homeowners nationwide missed at least one mortgage payment in the January-March period. That number was up from 9.5 percent in the fourth quarter of last year and 9.1 percent a year earlier.
Leave a Reply
You must be logged in to post a comment.