Mortgage Delinquencies are expected to decrease in many states in 2010; Florida, Arizona, California, New York and Virginia expected to see increases.
Dennis Norman
According to the Annual Consumer Credit Forecasts issued by TransUnion, Florida is expected to have the highest mortgage delinquency rate by the end of next year at 16.86 percent (up from 13.34 percent presently) with Nevada not far behind at 16.14 percent (up from 14.53 percent presently).
On the flip side of the coin, 22 states are expected to experience double-digit decreases in mortgage delinquency rates in 2010 as housing values in those states are forecasted to improve. The states that are projected to have the largest declines in mortgage delinquencies are:
- North Dakota (17.93 percent decrease)
- Minnesota (15.00 percent decrease)
- Oklahome (14.42 percent decrease)
North Dakota is projected to have the lowest mortgage delinquency rates in 2010 at 1.43 percent, followed by South Dakota at 2.31 percent and Nebraska at 2.66 percent.
Personally I think TransUnion’s forecast may be a little optimistic, particularly after hearing the data from Laurie Goodman’s testimony that I wrote a post on earlier today including her forecast related to underwater borrowers. Although I guess after underwater borrowers lose their homes they are taken off the “delinquent” rolls, so I guess as the foreclosure rate increases, mortgage delinquencies may decline as a result.
Source: TransUnion
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