Mortgage delinquencies up for 8th straight quarter

By: Associated Press
By: Associated Press

March 3, 2009

CHICAGO (AP) -- The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007. That's according to data provided by TransUnion LLC.

The credit reporting agency says its database shows delinquencies -- the percentage of mortgage holders at least 60 days behind on payments -- jumped to 4.58 percent nationally, from 2.99 percent for the 2007 fourth quarter.

Florida has the highest delinquency rate, followed by Nevada, Arizona and California.

The lowest rate is in North Dakota.

The agency, best known for its consumer credit rating data, projects delinquency rates could reach as high as 8 percent by the end of the year. The company isn't predicting that the climate will improve until the middle of 2010.

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