Delinquency rates on mortgages have been rising at an overall slow national rate but in the North East, they seem to be climbing significantly. According to TransUnion, in the states of NY, NJ, MN, CT, and DE the rate of over 60 days of past due delinquency has risen to 6.44% in 2010’s third quarter compared to 2009’s third quarter rating of 6.25%.
The North East may not be showing improvements but overall as a nation the US rates of delinquency have actually decreased during 2010’s second quarter to 6.67% compared to 2009’s fourth quarter rating of 7.89%. Many believe this is due to consumers becoming more responsible with their budgets and maintaining better control over their credit due to the economic downfalls that have overwhelmed our country. The two states that hold the level of lowest delinquency rate are North Dakota with 1.52% and South Dakota with 2.24%.
The national mortgage debt per borrower has also decreased since last year’s average of $193,121 to 2010’s average of $190,176. West Virginia holds the title for lowest mortgage debt per borrower with an average of $100,263 while the District of Columbia, California and Hawaii all lead the ranks for highest mortgage debt per borrower. The District of Columbia holds the number one spot with an average of $368,255 per borrower.
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