Mortgage Bankers Association’s National Delinquency Survey for Q1 10
Here are the latest numbers from the Mortgage Bankers Association Survey about Delinquencies for Q1 10.
Sub-prime mortgages continue to dominate a lion’s share of the delinquencies nationally at a rate of 41.15% of all such loans.
An area of concern now is the FHA mortgage, which is/was the prime method of purchases in the past couple of years. The delinquency rate is an alarming 16.02%. Given how often this product was used, this number should be growing in the coming months.
The total delinquency for all mortgages: 14.01%.
What is the cause? Under-employment nationally was at 16.7% nationally as of April 2010.
As I have said over and over again, until we can address the unemployment issue, people will continue to have difficulties paying their mortgages. Any reasonable person will pay their grocery bills over their mortgage payments.
