Q2 mortgage delinquencies in US hit record high of over 13%!
Mortgage Bankers Association

According to a Thursday report released by the Mortgage Bankers Association, in spite of the much-talked-about housing market recovery signs, the April-June quarter saw mortgage delinquencies in the US hit a record high of over 13 percent!

The report elaborated that the more than 13 percent US homeowners' mortgage delinquency figures resulted from the combined numbers of over 4 percent of homeowners with mortgage being in foreclosure, and nearly 9 percent of them having missed at least one home payment.

As per the association, mortgage delinquencies have been propelled by fixed-rate mortgage defaults; in contrast to recent years, when subprime and variable-rate loans thawed the housing market. The second quarter witnessed one in three foreclosures tied to a prime, fixed-rate loan; as against the year-back figures of one in five!

There was also a quarter-on-quarter increase in loan delinquencies among borrowers with prime, fixed-rate mortgages, in all 50 states - the biggest leaps being seen in Wisconsin, Illinois, Utah and West Virginia.

Meanwhile, the states bearing the maximum brunt of the foreclosures problem continue to be California, Florida, Nevada, and Arizona, which altogether reported 44 percent of new foreclosures in the US.

Commenting on the figures, Daren Blomquist, spokesman for RealtyTrac, said: "We're still on our way up with these numbers. We have not turned a corner despite some of the positive signs."

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