California mortgage delinquencies expected to rise through 2009
TransUnion expects the percentage of California home loans that are at least 60 days late or are in foreclosure to skyrocket to more than 14% by year-end.
By E. Scott Reckard
12:25 AM PDT, August 25, 2009
Mortgage delinquencies will continue to rise and set records the rest of this year in California, according to projections to be released today by TransUnion, one of the three big U.S. credit-reporting companies.
The good news from TransUnion's number-crunching is that, even in the tarnished Golden State, the trend may finally reverse itself by the middle of next year.
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In the region including Los Angeles, Orange, Ventura, Riverside and San Bernardino counties, the delinquency rate also was expected to hit 14% at the end of the year, up from 10.7% as of June 30.
"We think that's about as bad as it's going to get," Guarrera said.
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As of June 30, 14.9% of residential mortgages in San Bernardino County were at least 60 days late. And in Riverside County, where boom-era home building reached a frenzied peak, 16.5% of home loans were at least 60 days past due.
By comparison, at the end of the first quarter of 2007, Riverside County's delinquency rate was 2.6% and San Bernardino County's, 2.3%.
The normal national rate for these delinquencies is 1.6% to 2%, Guarrera said.
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14 comments:
Of the delinquent mortgages, what percentage belong to Casey Serin? :-p
None of them and that's the big problem.
If they release 27000 prisoners, the state will get a windfall on all taxes collected on gun & ammo sales.
I have no doubt that the $50k note Casey signed over to CFC now BAC is in a vault somewhere valued at par.
sigh...... yes most probably
Maybe Casey's future island can become the 21st century's "Australia" -- a place where all of America's mortgage fraudsters and white collar criminals can be perpetually exiled.
Bernie Madoff could be King, and (of course) Casey would be the Queen. :-p
Clearly Bernie is the pitcher and Casey the catcher.
And yet there is no joy in Mudville.
NR
LostCause:
From the previous post... Chumley was the sidekick to Tennessee Tuxedo, of the eponymous cartoon.
They should repeal the assault weapons ban and tax those. That could cure the budget woes overnight!
;-)
Nothing here re Mary Jo?
40 years, 1 month & 8 days, give or take. Long wait.
wagga, Mary Jo Buttafuoco is doing just fine.
Oh. Wait...
Ho Ho Ho - It's Santa Flipper Clause
An early Christmas present to the blog
http://www.youtube.com/watch?v=7oqD5z96HEg
Santa F. Clause
Buttafuoco is a Greek word for a (painful) sexual activity? Or Italian? Educate me. Not!
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