Inquiring minds are reading Boston.com about the new wave of mortgage late payements occurring in throughout the Northeast. TransUnion released its third quarter mortgage delinquency numbers over the weekend and its not good:
The biggest increases in late payments were seen in New Jersey, New York and Connecticut at the region’s core, as well as in outliers like Maine and Delaware.
Pennsylvania and Maryland, as well as another swath of New England states – Vermont, New Hampshire and Rhode Island – saw less dramatic increases.
The regional rise bucks a national trend that is seeing a slow but steady decline in mortgage delinquencies from a record-shattering peak in 2009. (That is with the exception of the Great Depression, which saw half of all homeowners either fall behind on their payments or face foreclosure.)
While the national rate is up, year over year, at 6.44 percent, it has been falling steadily on a quarter-by-quarter basis, TransUnion reports.
We are beginning the long climb up the second ‘hump’ of the dreaded foreclosure camel (seen below)
The only deviation that is occurring from this graph is that it looks as if we are taking longer to get to the second ‘hump’ due to all of the shenanigans the Feds keep performing to prevent the inevitable. All they are actually doing is prolonging the hurt and delaying the recovery. The next 18 months promise to be a dark ride in real estate.
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