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Mortgage loan delinquencies drop to lowest rate since 2009

st-louis-realtor-mortgage-delinquency-rateMore good news on the housing market! The national mortgage delinquency rate (borrowers that are 60 or more days past due) declined for the first 3 months of 2012, coming in at 5.78 percent according to a report issued by TransUnion. This is after increases in the delinquency rate in the prior 2 quarters and is the lowest rate since the 1st quarter of 2009.

Loan Delinquency Rate Improved in all but 8 States in first quarter…

All but eight states experienced decreases in their mortgage delinquency rates in the first quarter of 2012. In addition, 73 percent of metropolitan areas saw mortgage delinquency rates decline in the first quarter of 2012 as well. This is over double the rate of metro areas that saw improvement in the prior quarter when only 36 percent saw an improvement.

“To see that quarter over quarter, and year over year, more homeowners were able to make their mortgage payments is certainly welcome news,” said Tim Martin, group vice president of U.S. Housing in TransUnion’s financial services business unit. “Before this, we saw two quarters of delinquency increases and while we are still about three-times above the pre-recession norm, this should mark the start of consistent improvement each quarter.”

1st Quarter 2012 Mortgage Statistics – Delinquency Rates (source: TransUnion)

                                                                
Quarter over Quarter             Q4 2011   Q1 2012   Pct. Change 
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USA                                6.01%     5.78%        (3.83%)
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Year over year                   Q1 2011   Q1 2012   Pct. Change 
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USA                                6.19%     5.78%        (6.62%)
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Highest Mortgage Delinquency States    Q1 2012
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Florida                                 13.87%
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Nevada                                  11.16%
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New Jersey                               8.31%
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Maryland                                 7.11%
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Lowest Mortgage Delinquency States     Q1 2012
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North Dakota                             1.51%
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South Dakota                             2.11%
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Nebraska                                 2.31%
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Wyoming                                  2.43%
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Top 3 Year-over-Year Increases   Q1 2011   Q1 2012   Pct. Change 
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Vermont                            2.88%     3.31%         14.93%
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New Jersey                         7.58%     8.31%          9.63%
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Arkansas                           3.51%     3.73%          6.27%
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Top 3 Year-over-Year Declines    Q1 2011   Q1 2012   Pct. Change 
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Arizona                            9.14%     6.86%       (24.95%)
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Wyoming                            3.16%     2.43%       (23.10%)
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California                         8.58%     6.66%       (22.38%)
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4th Quarter 2011 Mortgage Statistics – Mortgage Debt Per Borrower (Source: TransUnion)

                                                                 
Quarter over Quarter             Q4 2011   Q1 2012   Pct. Change 
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USA                             $188,194  $188,196          0.00%
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Year over Year                   Q1 2011   Q1 2012   Pct. Change 
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USA                             $190,115  $188,196        (1.01%)
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Highest Mortgage Debt States           Q1 2012
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District of Columbia                  $378,732
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California                            $331,133
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Hawaii                                $312,324
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Maryland                              $248,878
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Lowest Mortgage Debt States            Q1 2012
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West Virginia                         $101,473
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Mississippi                           $108,558
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Oklahoma                              $114,821
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Arkansas                              $115,782
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Top 3 Year-over-Year Increases   Q1 2011   Q1 2012   Pct. Change 
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Alaska                          $198,842  $203,953          2.57%
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Oklahoma                        $112,197  $114,821          2.34%
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North Dakota                    $117,874  $120,321          2.08%
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Top 3 Year-over-Year Declines    Q1 2011   Q1 2012   Pct. Change 
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Nevada                          $229,457  $215,312        (6.16%)
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Arizona                         $202,931  $196,303        (3.27%)
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Florida                         $185,038  $180,294        (2.56%)
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