Thursday, March 5, 2009

Almost 1 in 9 Michigan Mortgages are Delinquent

According to the Detroit Free Press more than 1 in 10 Michigan home owners are 30 days (or more) delinquent on their mortgages and almost 1 in 25 Michigan mortgages are in foreclosure as of Q4-2008.

The story references a recent Mortgage Bankers Association report that cites 8.6% of all U.S. mortgages are delinquent in the U.S. (compared to 11.1% in Michigan) and 3.7% of Michigan's mortgages are in foreclosure.

The report also stated:
... five states – California, Florida, Nevada, Arizona and Michigan – continue to dominate the delinquency numbers. Yet five other states – Louisiana, New York, Georgia, Texas and Mississippi – had the sharpest increases last quarter in loans 90 days or more late, which are signs that the recession’s impact is spreading, he said.
Times are tough in Michigan as demand for durable goods continues to decline and the state saw 11.6% unemployment in January, 2009.

No comments:

Post a Comment